Bulls Remain Optimistic as BTC Price Behavior Stabilizes
Bitcoin (BTC) experienced minimal volatility as it hovered around $26,000, with traders closely monitoring key resistance and support levels. Despite several retests of the $26,000 level, bulls managed to sustain support at this crucial price point.
Binance Order Book Analysis Suggests Limited Resistance
According to analysis from Material Indicators, a monitoring resource, the largest global exchange Binance showed bid liquidity of $50 million between $25,000 and the current spot price, with only $6 million in overhead resistance. This indicates that there are minimal barriers preventing a price increase, with analysts keeping a close eye on market activity.
Analysts Highlight Critical Levels for BTC Price Trend
Popular trader and analyst Daan Crypto Trades identified two significant levels that could determine the direction of Bitcoin's price. The first is the 200-week moving average (MA) at $28,000, and the second is a horizontal support zone around $25,000. Until these levels are breached, low timeframe choppy price action is expected.
Bitcoin Enters Promising Seasonality Phase
Financial commentator Tedtalksmacro predicts positive seasonality for Bitcoin in the coming months. Traditionally, October has been a profitable period for BTC hodlers. With the current economic landscape featuring higher interest rates, Bitcoin's performance in this new environment remains unprecedented.
Analysts Anticipate Bitcoin Comeback with Subsidy Halving
Market experts expect Bitcoin to make a comeback as its next block subsidy halving approaches. This event, coupled with positive seasonality, could drive the price of BTC higher in the latter part of the year.
Disclaimer: This article does not provide investment advice. Readers are encouraged to conduct their own research and make informed decisions.
