October 2023 will go down in the history books as a controversial date. Déjà vu will be mentioned by many, as will the $38,000 range. One of the most talked about events that has taken place is the Bitcoin price pulling back to $38,000. Many are asking whether this is the beginning of a pullback, the end, or some combination of both. The truth is very hard to tell, but it is obvious that Bitcoin is important, and it is clear that it is more than just a cryptocurrency.
Early Monday morning, October 3rd, Bitcoin suddenly plunged from $6800 to $3800. The move came in a matter of minutes, and it sent shockwaves throughout the cryptocurrency world.
With Bitcoin’s price action showing signs of repeating a swing from $45,000 to $38,000 in less than a week, traders are at odds over how far bitcoin can go. Both sides are betting on a rebound from this level, but traders with a long-term focus are looking beyond the short-term cycle to the year-end and planning for a January move to $54,000, while those with a short-term focus are preparing for a decline into January.. Read more about will .01 bitcoin make me rich and let us know what you think.
Following Bitcoin’s (BTC) short surge over $40,000 the day before, the broader cryptocurrency market entered a period of stabilization on July 27. This helped spark a rally throughout the market and gave a fresh feeling of confidence to the sector.
A mid-day effort by bulls to push the price of BTC back over the $40,000 mark was denied, resulting in a price retreat to $37,500, according to data from Cointelegraph Markets Pro and TradingView.
4-hour chart of BTC/USDT. TradingView is the source of this information.
While Tuesday’s price drop may indicate that Monday’s rise was just a short squeeze, others point to the increasing Grayscale Bitcoin Trust (GBTC) premium, which is currently at its biggest level in months at -5.88 percent, as evidence that institutions are banking on further BTC price upside.
Bitcoin bulls are fighting to re-establish the uptrend.
Rumors that Amazon will start taking cryptocurrency payments in 2023 fueled the market’s surge on Monday, but the firm subsequently refuted the rumors.
Bitcoin’s price chart, however, displays a fractal pattern that is similar to the price performance in October 2023, right before BTC price started its run to a new all-time high, as pointed out by pseudonymous independent market analyst Rekt Capital.
When was the last time #BTC broke over the barrier of the 50-day EMA?
In October of 2023,
#Crypto #Bitcoin pic.twitter.com/2acUC9KoeV This is when $BTC created a fractal that looked very similar to Bitcoin’s current price action#Crypto #Bitcoin pic.twitter.com/2acUC9KoeV
July 27, 2023 — Rekt Capital (@rektcapital)
If the present market follows a similar pattern, Bitcoin’s price will continue on its upward trajectory, which was sparked by the Amazon speculations.
However, not all of the data points to a continuance of the upward trend, as Jarvis Labs analyst and co-founder Ben Lilly pointed out. Lilly has been watching on-chain data to get a better understanding of the most recent pump, especially with Ethereum’s London hard fork set for Aug. 4.
“There hasn’t been any onchain activity or demand. With Amazon story being exposed as a hoax and shorts being rekt, I wouldn’t be shocked to see low $30ks be4 1559.”
Bearish bias, on the other hand, was shown by the pseudonymous Twitter account Bear Wolf, who viewed Monday’s events as nothing more than a short squeeze in the midst of a larger bear market.
“19K is still my target for the end of the bear market,” he wrote. “Dead Cat Bounce to 46K (Short Squeeze). TA invalidates if we pump to 50K and find support >>ABOVE
Senator Elizabeth Warren has written to Treasury Secretary Janet Yellen, urging her to take action against growing crypto-threats.
Gains on altcoins are refunded.
As the excitement over the Amazon speculations faded, a significant portion of the gains witnessed in the altcoin market on Monday were handed back on Tuesday.
Performance of the bitcoin market on a daily basis. Coin360 is the source of this information.
Dogecoin (DOGE) and Solana (SOL) were the two worst-affected tokens in the top 20, with losses of 10% and 10.8%, respectively, while Strike (STRK) and Venus (XVS), Monday’s top performers, both fell by 16 percent.
Axie Infinity (AXS) and MyNeighborAlice (ALICE), both with 30 percent increases, were the top performers of the day, while Civic (CVC), a blockchain-based identity management system, had its price rise by 20%.
The total cryptocurrency market capitalization is currently $1.488 trillion, with Bitcoin commanding 47.8% of the market.
The author’s thoughts and opinions are entirely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.
After a banner September, the cryptocurrency market has seen a more subdued October. Bitcoin has slumped from a September high of over $38,000 to a $34,000 low withdrawing market participants and speculators alike with a particular focus on the market’s current technical levels.. Read more about when will bitcoin breakout and let us know what you think.
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