The price of Bitcoin has dropped to its lowest levels with the opening of the US markets. Altcoins are turning red again. Due to weak BTC, most altcoins have fallen to ATL levels, indicating an increase in risk. While many experts make bearish predictions, will Bitcoin surprise us again?
The king of cryptocurrencies has once again dropped to $26,000. This region has been tested as support multiple times and is not far from the critical threshold at the time of writing. Material Indicators, which follows the order book of the largest cryptocurrency exchange Binance, has examined possible scenarios.
The liquidity between the $25,000 level and the current price is $50 million. However, there is $6 million in sales up to the resistance level above. This confirms that a surprise rise may not be difficult for Bitcoin.
Meanwhile, popular crypto analyst Daan Crypto Trades says the current situation is not as bad as it seems. According to him, there are two key levels that will determine the price trend. These are the 200-week moving average (MA) at $28,000 and the horizontal support area at $25,000.
“Until then, we will probably see volatile price movements in the lower time frame.”
Historical data that instilled negativity in investors for September promises the opposite for October. Poppe has started sharing Uptober posts that circulate every year during this period. Now Tedtalksmacro has joined the trend.
“Bitcoin is entering a positive seasonal period.”
The expert analyst says that the next month could bring a strong recovery for crypto investors. According to him, the performance in 2022 was an exception thanks to the benchmark interest rates in the United States.
“BTC had never existed in a world with rates much higher than 2% before 2022… but now, towards the end of 2023, the Federal Fund rate is above 5% and central banks around the world are likely to keep it there as they try to control inflation.”
Bitcoin is currently finding buyers at $26,166.