BTC price support at $62K must hold if Bitcoin bears step in — Traders
2024.09.24 04:27
Bitcoin (BTC) circled $63,000 on Sept. 24 as analysis argued that bears were “running out of time” to halt BTC price upside.
BTC/USD 1-hour chart. Source: TradingView
”Pinned” BTC price sets up bulls vs. bears battle
Data from Cointelegraph Markets Pro and TradingView showed flat conditions for BTC/USD continuing after the week’s first Wall Street open.
While volatility was nowhere to be seen, traders suggested that it was only a matter of time before things changed.
“Expect shenanigans later,” trader Skew summarized in one of his recent X posts.
Skew referenced spot price being “pinned” between two blocks of liquidity, which are $62,000 to the downside and $65,000 to the upside, respectively.
Continuing, fellow trader Mayne took a longer-term perspective, uploading a weekly chart to X highlighting the series of lower highs and lower lows playing out since March’s trip to $73,800.
Only now, he suggested, could the trend be breaking down via a new higher low.
“Each of the last pumps we traded right up to the previous lower high then fully retraced. The main difference between this time and the last few attempts is we are coming off of a potential higher low,” he commented.
“Bears are running out of time to dump this back down. They’ve got to nuke this here or after a sweep above the last lower high. Uptober looming, should be exciting.”
BTC/USDT perpetual swaps 1-week chart. Source: Mayne/X
Skew, in turn, agreed, adding that it was vital for $62,000 to hold should bears temporarily take control.
“So far this is the expected area for bears to actually do something ($64K – $65K),” another post explained.
Puell Multiple delivers rare reversal signal
In an encouraging trend reversal development, Bitcoin’s classic Puell Multiple metric hit its key “green” zone for the first time since the end of the 2022 bear market on Sept. 11.
Related: RSI hints at classic BTC price breakout — 5 things to know in Bitcoin this week
Data from onchain analytics platform CryptoQuant confirms that a rebound may now be in progress — a classic signal that a macro price bottom could be in.
As Cointelegraph recently reported, the Multiple’s return to its bottoming range had been keenly anticipated.
“Historically, when the green zone was reached, it was followed by an upward price movement,” CryptoQuant contributor Darkfost summarized in a Quicktake blog post on the topic on Sept. 23.
Darkfost described the green zone tag as a “strong long reversal signal.”
Bitcoin Puell Multiple chart. Source: CryptoQuant
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
