Bitcoin price sets October high with $20K in reach as US stocks rally
Traders say Bitcoin is overdue for a breakout, but are also keeping a lid on how optimistic they should be about a macro trend reversal.
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Traders say Bitcoin is overdue for a breakout, but are also keeping a lid on how optimistic they should be about a macro trend reversal.
Bitcoin has plenty of obstacles to weather in the current macro storm as two-year weekly close lows remain inches away.
Bitcoin price action could include a fresh trip to $20,500, but beyond that, the overall trend remains firmly down for traders.
Classic volatility accompanies the final hours of the month, with $20,000 representing the battleground between bulls and bears.
BTC price levels as high as $20,500 could make an appearance on the day, but the outcome will be to the downside, fresh analysis concludes.
Politicians continue to argue about whether the U.S. economy is in recession, even as data highlights two consecutive quarters of negative growth. Meanwhile, BTC holds $19,000, for now.
Volatility has yet to make an appearance on hourly timeframes as the clock ticks down to the September close.
Analysts claim "mega whales" will make it very difficult for BTC traders to flip $20,000 to support.
A lack of interest below the June macro lows could spell serious problems for Bitcoin, Glassnode warns.
Fresh losses are contained only after $2,000 gets wiped from the BTC spot price, with a recovery yet to make an appearance.