- BTC price is below the 50 and 200 EMA for the day.
- In the four-hour period, the price continues to be trapped in an asymmetrical triangle.
- As the price is stuck between the bulls and the bears, the price of BTC closes the weekly depression for two weeks.
The price of Bitcoin (BTC) has shown a bigger deficit than the Russian state as the price has been declining against Tether (USDT) this month. September was not a good month for the price of BTC as the market continued to stagnate. Data from the combined Consumer Price Index (CPI) and the Federal Open Market Committee (FOMC) weighed on the market in anticipation of a greenback in October. (Data from Binance)
Bitcoin (BTC) price analysis on weekly chart
The past few weeks have shown how difficult it has been for any real chart pattern in the financial markets to form a bullish structure, with BTC’s price continuing to stagnate as it moves higher on a higher time frame.
After the BTC price broke above $25,000 on a weekly time frame rejection, the price continued to spiral into a bullish move not to upset the weekly low of $18,100.
The price of BTC continues to occupy the key support area of $18,000, which holds the key to a recovery or price breakdown in lower regions.
A break above $19,300 could send the price of BTC to $20,000 because this area has become a strong resistance for the price of BTC. With good volume and bulls defending this key annual support zone, we may drop to the $20,000 range as this support zone is tough and could be broken if negative news emerges.
The price of BTC will be able to break the relief and prevent the price of BTC from seeing a higher level above the $19,300 resistance. If the price of BTC continues to reject $19,300, we can see that the price is low.
Weekly resistance for BTC price – $19,300.
Weekly support for BTC price – $18,100.
BTC price analysis on a four-hour (4H) chart
In the 4H time frame, BTC price continues to rise in an asymmetrical triangle and may indicate a relief advance on the lower time frame.
BTC price is trading below the 50 and 200 Exponential Moving Average (EMA) at $18,900, which serves as resistance for BTC price. The price of $19,300 and $20,000 corresponds to the price resistance for BTC at the 50 and 200 EMA. BTC price needs to recover the 50 EMA to get a chance to change to $20,000.
Daily resistance for BTC price – 20,000 dollars.
Daily support for BTC price – $18,700.
Analysis of INJ onchain
Although BTC has been held by many investors for the big change and relief in the crypto market, the price of BTC has seen a more negative return on investment (ROI) with a decrease of 5.1% over the past 30 days.
Featured Image From zipmex, Charts From Tradingview and Messari