The price of Bitcoin is falling between 2 important levels – which should be expected in the coming days
Despite the red-hot start to the month, the bullish “high” period has never been as expected for the price of Bitcoin. After the Market-Wide Dowturn on October 10, the Prime Minister of Cryptocurrency was not able to recover a clear recovery back before.
In fact, the price action of Bitcoin continues to fight under the constant birverish pressure, falling to unaw around $ 103,000 on Friday, investors left if the bull run passes or the sluggish action is a small flower.
From a recent point of view, the current technical position of the BTC price can provide an insight into its next move.
BTC is at risk of a deep correction if it loses the $99,900 support
In an October 17 Post on Social Media Platform X, Glass puts forward an interesting assessment of Bitcoin’s current price setup. Prominent Crypto Analytics firm revealed that FlagpTyurcy’s cryptocurlocursenc is currently sitting between two major support areas.
This analysis is based on the glassnode price model, a chart that contains many technical indicators, including the PI cycle index, the Meber Multiple, the annual average, the annual moving average (Ma), and the moving average.
According to glassnode, the price of bitcoin is currently hitting between the majority of the mayor ($ 107,400) and the MA of the year ma ($ 99,900).
Source: @glassnode on X
The Mayer Multiple (200-day simple moving average) is a popular technical indicator that is often associated with the turning point between a bull and a bear market. Meanwhile, the 365 Day SMA provides a long-term base for the market’s high period.
After the recent dip, the price of bitcoin fell below its 200-day moving average, signaling a possible shift from a bearish market to a bearish one. While BTC is still holding above mai, Cryptocurloncy Premier needs to stay above this level to focus on the current trend.
Finally, investors may want to keep an eye on the price of BTC, as a break below the $99,900 levels could spell a major crisis for the world’s largest cryptocurrency. It is worth noting that the return to the top of many mayors can be attributed to the development of Bitcoin, although with price resistance around the 111-day average (currently at $ 114,700).
Bitcoin price at a glance
As of this writing, Bitcoin is valued at $106,427, representing a price drop of nearly 2% in the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from istock, chart from trading
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