Bitcoin (BTC) hit new weekly lows on September 28 as risk asset declines continued overnight.
Trader: “First New Lows” Ahead of Q4 Recovery
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD fell to $18,461 on Bitstamp, down $2,000 from the previous day’s high.
The reversal came in lockstep with stocks, which were initially slightly higher before turning red after the open on Wall Street.
The S&P 500 and Nasdaq Composite Index ended the day down 0.25% and 0.25%, respectively.
Cypto, however, was unable to recoup its losses, and while there were hopes for a stronger recovery in Q4, traders were initially betting on the pain continuing.
The popular Twitter account Il Capo of Crypto appeared Confirmation It likes to topple last year’s performance in October – something that has earned it the nickname “Uptober”.
In comments, he added that he was “expecting a bullish Q4.” But first new lows. “
Associate trader and analyst Rect Capital, for its part, drew attention to the hurdles needed to overcome bitcoin’s monthly timeframes.
“Previously sharp BTC rejection at green ~$19800 level,” he He wrote Tweet about the upcoming monthly candle close.
“Continued see-sawing is expected at this level and this level as $BTC approaches its monthly close. What matters most is how the monthly candle closes relative to the low of the green range.”
Proper capital Added A close below that green line would mean breaking out of the monthly range from late 2020.
Bet on the bowing bear
When discussing when the 2022 bear market might end, opinions differ on the use of data from previous half-cycles.
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Uploading a comparison chart, Luke Martin, host of the STACKS podcast; It is mentioned It has been 322 days since Bitcoin’s last all-time high of $69,000.
Since reaching its peak earlier in 2017, BTC/USD has spent 364 days in a bear market, suggesting that it may be the end if history repeats itself.
“Cycle time here is pretty good,” responded Charles Edwards, creator of crypto asset manager Capriole.
Others were less convinced, tedtalksmacro the macro environment in 2010 In 2018, there was nothing to draw attention to, Martin admitted.
According to Cointelegraph, the US Federal Reserve has made no commitment to stop raising interest rates this year, which would put pressure on risk assets, including crypto.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and business activity involves risk, you should do your own research when making a decision.