The free fall of bitcoin has finally stopped and the fear from the market has started to drop. RSI is showing improvement and there are other indicators that are signaling a recovery. But, has BTC really started to recover or this is another trap, let’s explore.
The crypto community had grown too much confidence for a bull rally in the closing days of September. Everyone was so excited for the Up-tober that it became a bull trap and bitcoin crashed. If we check the history this keeps repeating every cycle. Once China banned Bitcoin mining, in another cycle Russia started a war over Ukraine. All such events coincided at the same time when the community was ready for a bull run. Same happened this time and caused btc to crash to $60,000. But now btc seems to be recovering.
Looking at the bitcoin chart in the last week, the community has felt intense pain. At present, btc is trading at $61,527 which is a 3.12% recovery from the bottom zone of $60,000. The chart is showing a nice green candle on the daily chart.
On the other hand, the hourly chart has created a curve, which might be an indication that it is going to build a cup and handle pattern. If that is the case, we might see the long awaited price rise in the next week. We should not forget that there are a lot of resistances in its path, including the moving averages and liquidity zones. History has shown us that when it’s the time for bitcoin to take a jump, no resistance could stop it.
Bitcoin price going beyond $72,000 is undeniable. It will happen no doubt. Historically, all the bull runs started around October month and that is why it has given the most returns. Presently, the price is taking support from the various levels and growing up. Some old high resistance levels will bring the disturbance, however, would not be able to hold the upcoming bull run. Traders should read the market sentiment before taking any move.
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