Whether prices rebound or tumble lower may depend on bitcoin’s ongoing retest of its “Bull Market Support Band,” a key trend indicator defined by the asset’s 20-week simple moving average (SMA) and a 21-week exponential moving average (EMA). The band often served as support for prices during previous uptrends, and currently ranges between $61,100 and $62,900. A bounce from the band would reinvigorate the uptrend from the September lows to target, but a decisive break below could undo all the recovery, with many more weeks chopping below $60,000.
Source: https://www.coindesk.com/markets/2024/10/02/bitcoin-bounce-above-62k-quickly-fades-ether-xrp-ada-link-lose-as-torrid-october-continues/?utm_medium=referral&utm_source=rss&utm_campaign=headlines