On September 24, Bitcoin (BTC) price remained around $63,000 as analysis showed that bears are “running out of time” to stop BTC’s bullish trend.
BTC Price “Frozen” Creates a Battle Between Bulls and Bears
Data from We Markets Pro and TradingView shows BTC/USD's flat performance continued after Wall Street's Monday open.
Despite the lack of volatility, traders say it is only a matter of time before the situation changes.
“Expect the farce to follow,” trader Skew summarized in a recent post on X.
Skew refers to the spot price being “frozen” between two liquidity blocks, with $62,000 on the bottom and $65,000 on the top.
Trader Mayne continued with the long-term view, posting a weekly chart to X, highlighting a string of consecutive highs and lows since hitting $73,800 in March.
Only now, he suggested, could the trend be broken with a new high low.
“Every recent rally we’ve traded right to the previous low and then completely pulled back. The main difference this time is that we’re starting from a potential high low,” he commented.
“The bears are running out of time to smash the price down. They have to crash now or after breaking the last low. Uptober is coming, promises to be interesting.”
Skew agrees, emphasizing that the $62,000 level needs to hold if bears temporarily gain the upper hand.
“So far this is the area expected for bears to really act ($64,000 – $65,000),” another post explained.
Puell Multiple Signals Rare Reversal
In a positive reversal, Bitcoin’s classic Puell Multiple index hit the crucial “green” zone for the first time since the end of the 2022 bear market on September 11.
Data from onchain analytics platform CryptoQuant confirms that a recovery may be underway — a classic signal that a macro price bottom may have been reached.
As We reported, Multiple's return to the bottom range was hotly anticipated.
“History shows that when the green zone is reached, it is usually followed by a price rally,” CryptoQuant contributor Darkfost summarized in a Quicktake blog post on September 23.
Darkfost describes the green zone card as a strong reversal signal.
