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News/Bitcoin price still stuck in range despite 5% move over the weekend

Bitcoin price still stuck in range despite 5% move over the weekend

Oct 24 2022

2 years ago read

Bitcoin was unable to break below \(18,500 and surged sharply over the weekend. However, while it tested \)19,699, it quickly retraced and is currently sitting at \(19,360. Unfortunately, \)19,360 has been a downward pivot in the past, but the price may move sideways for now, at least until GDP numbers for Q3 are released on Oct. 27.

While S&P 500 ended the week strong on Friday, currently, We can see it struggling to break the neckline for its double bottom on the daily time frame. A continued lack of bids may result in the move simply trapping bulls and we could see both crypto and legacy markets moving down again.

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Top altcoin gainers and losers



BTC Technical Analysis

Bitcoin had a good run over the weekend, but the momentum was not sustainable. We can see the rejection from the previous supply area making a lower high. We can also see volume expansion with this rejection showing seller confidence. Looking at futures data, the cumulative volume delta suggests distribution as well. If Bitcoin fails to break \(19,500 today, we could be looking at a retest of \)19,000 next.

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ETH Technical Analysis

Ethereum finally outperformed Bitcoin yesterday and showed the volatility characteristic of an altcoin, as it surged from \(1,330 to \)1,370 while bitcoin remained stagnant at \(19,500. We can currently see that the symmetrical triangle is being tested for support, and failure to hold will confirm a fake breakout, likely followed by a test of the lower trend line at \)1,283.


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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.

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