Although Bitcoin has shown to be a reliable store of value, large returns have not been possible with it. Since September began, the price of Bitcoin has been trapped in a narrow range between $55,500 and $58,000, following a significant decline from $68,000 to $55,385, or over 20%. However, Octoberâwhich is frequently regarded as a positive month for Bitcoinâis approaching. For Bitcoin, October has historically been bullish 11 times out of the last 9 years. Will October of this year continue the current trend and see Bitcoin return to its peak?
Survival of the $55K Support
Maintaining the $55,000 Support Prominent cryptocurrency trader Captain Faibik claims that this month is critical for Bitcoin bulls. In order to guarantee that Bitcoin may recover successfully, they must maintain the $55,000 support level. Should they manage to maintain this level of support, Bitcoin may recover and soon test the $68,000 resistance level once more. The stability of this support level will be critical to the short-term trajectory of Bitcoin, as it has been critical in recent market movements.
Bitcoin Technical Analysis
Looking at Bitcoinâs technical details, a bearish crossover occurred on the Bitcoin price chart. This means the 50-day moving average fell below the 200-day moving average on the 4-hour chart, signaling a potential downturn.
Currently, Bitcoinâs RSI (Relative Strength Index) is at 43.30. This shows that the market is close to being oversold but hasnât reached extreme levels yet. If Bitcoinâs price climbs back to around $58,000, it might face a risk of dropping below $55,000, based on current market trends.
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