Bitcoin price movement showing bleak signs

Bitcoin price movement showing bleak signs
  • Most Bitcoin price movements are showing bleak signs.
  • Bitcoin likely to hit $11000 to $10900 range before a rise.
  • Despite resistance Bitcoin is still in the buy zone.

The king of cryptocurrency managed to break the resistance and enjoyed a high above the $11500 mark, albeit not to much avail. During the past 24 hours, Bitcoin price movement showed a high at the $11600 mark on 15 October however, the increased volatility pulled the price back down in a flash crash.

Bitcoin price movement showing bleak signs 1
Bitcoin price movement chart by Trading View

After the flash crash on the 16th of October, Bitcoin price fell to the $11240 mark, and despite a slight recovery, hit the lowest point of $11219 twice in a row. The king managed to rise above the $11300 mark since, but the continued volatility tells a different tale.

On the technical buying and selling indicators, Bitcoin stands on a stable buy for the past week, and perhaps excessive buying is the only thing keeping the coin afloat. Traders call this a fake swell due to a possible FoMo, while some cryptocurrency analysts are already comparing the situation with the 2017 run.

Bitcoin price movement: Where does BTC stand?

Most Bitcoin analysts expect the bearish trend to continue towards the $10900 mark, while a few even expect a retrace to the $9000 range before the final rally of the year. Analyst Dino Alpacino explains that the major support level is currently resting at the $10800 level and further below the $10000 mark. At the same time, the major resistance is found in the $11500 – $12000 area.

Bitcoin price movement showing bleak signs 2
Bitcoin price prediction chart by Trading View

Alpacino explains that the cryptocurrency saw a rise to the current trading levels. However, the king of cryptocurrency is likely to face a drop before it can rise again towards the higher price range.

Analyst Vince Prince explained that the current BTC situation is critical for the days to come. Bearish pressure is mounting, and a pullback is very likely. If the king loses the current support levels, it is likely to keep falling until it finds strong support. The current strong support levels are found at $10920, but the uncertainty increases many folds below this mark.

Bitcoin price movement showing bleak signs 3
Bitcoin price movement chat by Trading View

Vince further that if the BTC price manages to push back from the current support levels – marked in blue – traders would be in the safe zone. However, if Bitcoin closes below it, this will increase the possibility to further into the bullish-invalidation-zone marked in the chart. Cautious trading is crucial in the current price trends scenario.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Saad B. Murtaza

Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

Related News

Hot Stories

Blockchain industry has over 81 Million active users, reports show
Explained: 2 Important Ethereum priorities after The Merge
Kitsumon launches NFT land sale in partnership with top NFT and Gaming platforms
What lies ahead for Voyager Digital and its investors after FTX wins the purchase auction?
Dogecoin price analysis: DOGE peaks at $0.063, quickly tests $0.06  

Follow Us

Industry News

What lies ahead for Voyager Digital and its investors after FTX wins the purchase auction?
What is happening with Nexo?
FTT burn Vs. BNB burn Vs. Shiba burn
Was the Wintermute hack an inside job?
Watch: Inside the Walmart Metaverse 2022