Bitcoin price sits on gunpowder, will it explode?

  • BTC price is below a key resistance level as the price is rejected under the daily EMA.
  • BTC’s monthly candle closes with such mixed emotions ahead of October.
  • BTC price must close above $21,500 to restore bullish sentiment.

Bitcoin (BTC) price action continues to be influenced by the sentiment of traders and investors as it moves in an indecisive and uncertain manner. Traders continue to speculate on what Bitcoin (BTC) holds for the new month of October. Bitcoin (BTC) price action and action continues to be choppy, with most traders on the loose due to unstructured Bitcoin (BTC) price action. (Data from Binance)

Bitcoin (BTC) Price Analysis on Weekly Chart

Weekly BTC price chart | Source: BTCUSDT on Tradingview.com

Despite showing some false rallies before the monthly close, there was some rejection around $19,500 as the price struggled to break out.

The price of BTC retraced to the $18,700 area but quickly bounced off the area as the price rose to $19,300 but faced a breakout of resistance. With the price trading at a key level, the price of BTC needs to break out and hold above $20,500 to restore bullish sentiment.

The price of BTC needs to stay away from the $19,000 area, as a break below $18,100 could mean a drop to lows of $17,500 or even $16,000.

Before the weekly close, the price of BTC would need to close above $19,500 to gain a bit of a safe haven; a close below that range indicates more risk to the upside.

Weekly resistance for BTC price – $19,500.

Weekly support for BTC price – $18,100.

BTC Price Analysis on Daily (1D) Chart

Daily BTC price chart | Source: BTCUSDT on Tradingview.com

On the daily time frame, the price of BTC remained below a key resistance level as it attempted to break higher levels and the price was rejected several times.

BTC price shows strength, bounces off $18,700 lows, price attempts to break $20,500 daily price range But it faced rejection as prices traded between $18,800 and $19,500.

BTC is trading below the 50 and 200 exponential moving average (EMA) levels at $19,100. Prices of $20,400 and $27,000 correspond to the price of BTC at the 50 and 200 EMAs on the daily time frame.

A breakout and close above $20,500 could give BTC price some bullish sentiment in October as many traders and investors expect a green month, which could mean a rally to the $24,000 area or higher.

Daily resistance for BTC price – $20,500.

Daily support for BTC price – $18,100.

Featured Image From zipmex, Charts From Tradingview 

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