Bitcoin (BTC) experienced a period of low volatility and hit intraday lows after the Wall Street open on September 26. Despite this, the largest cryptocurrency managed to hold its support level of $26,000. Traders on the Binance exchange put up thin resistance to the BTC price, with bid liquidity at $50 million and overhead resistance at only $6 million.
The $24,750 level, which coincides with Bitcoin’s mid-June low, remained a crucial level for bulls. Traders and analysts observed that breaking the 200-week moving average at $28,000 or the horizontal support zone around $25,000 could indicate a new trend for Bitcoin. However, until either of these levels is breached, low timeframe choppy price action is anticipated.
Financial commentator Tedtalksmacro provided a positive outlook for the rest of 2023, claiming that Bitcoin is set to enter a period of positive seasonality. October has historically been a lucrative month for Bitcoin holders. However, in 2022, higher benchmark interest rates in the United States affected Bitcoin’s performance. This year, Bitcoin faces an unprecedented environment with interest rates above 5%, as central banks try to control inflation.
An accompanying chart showed that October has been the most successful month for Bitcoin over the past three years. Data from CoinGlass confirmed this trend. As Bitcoin approaches its next block subsidy halving, which is expected to occur in 2024, there are expectations for a comeback in its price.
It is worth mentioning that this article does not provide investment advice or recommendations. Readers should conduct their own research and analysis before making any investment decisions.
