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What Bitcoin Level Must Be Reclaimed to Reignite the ‘Uptober’ Rally?
In the latest bitcoin news, Bitcoin (BTC) has experienced dramatic volatility following a strong start to ‘Uptober.’ The cryptocurrency recently retested several key price levels, particularly as it fluctuated around the $110,000 mark. Analysts are now suggesting that a sustained rally in BTC may be contingent upon reclaiming a crucial price area.
Over the past week, Bitcoin has navigated a challenging price range, achieving a staggering all-time high (ATH) of $126,000 before sinking to a three-month low of $102,000. This volatility reached a peak last Friday, when one of the largest liquidation events in crypto history briefly pushed BTC below $107,500. However, Bitcoin quickly rebounded, reclaiming the critical $110,000 support level over the weekend while attempting to retest the $116,000 barrier twice since Sunday.
Analyst Ted Pillows emphasized the importance of the $110,000-$111,000 zone, suggesting that maintaining this support could pave the way for a bounce back toward the upper range. Conversely, if Bitcoin fails to hold this area, it might slip to the $107,000 support level before any potential reversal occurs. Daan Crypto Trades echoed this sentiment, noting that despite the recent pullback, Bitcoin’s trading range of $107,500-$124,000 has remained intact, with significant pivots occurring from these levels.
Looking ahead, Pillows pointed out that Bitcoin’s price would likely continue to “chop” within the mid-zone of this range until it successfully reclaims and retests $117,000 as support. Analyst Rekt Capital also weighed in, stating that BTC must demonstrate continued stability around the $114,000 area, as this level has historically indicated upward momentum toward at least $117,300. A daily close above $117,300 is essential for Bitcoin to maintain a bullish bias and aim for the $120,000 mark over time.
BTC’s Macro Structure Shows Strength
Rekt Capital further highlighted Bitcoin’s resilience in maintaining its macro bullish market structure, consistently printing higher lows despite recent volatility. This behavior suggests strong premium-buying activity during price pullbacks. He noted that Bitcoin has been consolidating within the $108,000-$116,000 range on a monthly basis, showing upside wicks above the range high and downside wicks below the range low since July.
Interestingly, these downside wicks may signal a liquidity grab at lower price levels, potentially fueling a macro range breakout. Rekt Capital noted that Bitcoin has frequently wicked above the $116,000 range high in recent months, supporting the idea that the range low acts as a stable higher timeframe support.
While acknowledging that a downside wick below the range low was inevitable due to the extreme volatility, Rekt Capital concluded that maintaining the $114,000 support on a weekly basis is crucial for challenging the range highs once again.
As of the latest update, Bitcoin is trading at $112,610, reflecting a 2.7% decline in the daily timeframe. Investors should remain vigilant as Bitcoin’s price movements may have broader implications for the entire cryptocurrency market.
For further insights into cryptocurrency trends, be sure to explore more at Financier News. If you’re looking to invest, consider examining opportunities on platforms like Binance.
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