Bitcoin and the US stocks have generally done well in October. However, investors are looking at how the assets may conclude this month due to tensions about continuing inflation and a faltering global economy.
For the previous two weeks, Bitcoin has been range bound, trading primarily between $19,000 and $20,000 price levels. Other cryptocurrencies were seeing a similar slump, with Ether down 0.25 percent and altcoins like Cardano, Solana, and XRP all experiencing drops of 1% to 3% over the past day.
Given that a classic indicator provides indications that have only occasionally been seen previously, volatility for Bitcoin may not materialize for some time. The co-founder of the trading platform DecenTrader, Filbfilb, observed that the Bollinger Bands for Bitcoin continue to contract on weekly periods, reaching extremely high levels. As a result, Material Indicators, an on-chain analytics resource, began to believe that the resistance would still exist.
Despite industrial data from the United States that Michael Van De Poppe, CEO and founder of trading business Eight, described as “way worse than expected,” Bitcoin had a downward trend on the day. The sell levels to beat, according to Van de Poppe, are $19,600 and $20,700. He also noted that the dollar and U.S. bond yields were showing a little weakening.
So what next?
Despite sparking a minor rally, the bitcoin price has been stabilizing over the weekend. As sellers sell off their assets, this decision keeps being reversed. The bullish movement over the weekend, though, might be a sign of better things to come. With no apparent direction, the price of bitcoin is still consolidated near $19,000.
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Source: https://coinpedia.org/bitcoin/bitcoin-big-move-expected-by-mid-december-btc-price-set-to-rise-high/