The new week has started for the cryptocurrency market with an upswing. While the majority of top coins have increased in comparison to previous weeks, Bitcoin SV (BSV) is the only cryptocurrency whose price has decreased by 0.59% since yesterday.
Bitcoin (BTC) closed with a 10% growth through the month of October, interrupting a three-month bearish trend. Yet, there are no vivid signals to suggest a bull run to $10,000. Below is the relevant data at the time of publication:
- Name: Bitcoin
- Ticker: BTC
- Market Cap: $166,723,592,213
- Price: $9,247.58
- Volume (24H): $21,218,218,406
- Change (24H): 0.96%
BTC/USD: Waiting for a Bullish Trap
The price of BTC continues to consolidate into a triangle pattern. Based the analysis, one might expect a growth confirmation when the mark is broken at $9,300.
Looking at 1H chart, the bulls are buying BTC whenever the price falls below $9,100. The short-term forecast is rather bullish than bearish as the trading volume level for selling has decreased. This means that buyers are becoming more active in the short-term. To sum it up, the bulls might push for a price of $9,300 and above. Such a prediction is only relevant for intraday trading.
Looking at a bigger time frame, the situation is vice versa. The 50-Day Moving Average has changed from a bullish stance to a neural one, possibly signaling an upcoming decline. What is more, the trading volume level is consistently decline after a 40% pump that occurred more than one week ago.
This means that the bulls cannot fix the growth, nor change the trend. If they do not manage to improve the situation this week, one might expect a drop in price to $8,750. Moreover, there is a gap that has not been filled yet.
At the time of publication, BTC was trading at $9,267.
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