What you need to know:
- Bitcoin is trading sideways near $90,000 amid weak bullish momentum.
- BTC remains below major moving averages, indicating caution.
- Long-term optimism persists despite short-term consolidation.
Bitcoin continues to trade within a narrow range as investors remain cautious amid mixed technical signals and contrasting long-term price expectations.
Bitcoin is the largest digitally traded currency by market capitalization and is considered the “gold standard” or benchmark of the overall digital asset market.
Bitcoin cryptocurrency has been subject to multiple trading cycles characterized by extreme price volatility, but has subsequently also established Bitcoin as a long-lasting, resilient digital asset. At the time of writing, the coin is trading at $90,126.61, up 1.35% over the past 24 hours.
Graph analysis shows range-related structure
The current price of BTC is kept in a range (between approximately $89,000-$90,000) as of October 2023. In the daily view on TradingView, we see that the current price of bitcoin is stagnant at this level, partly due to the inability of bitcoin prices to hold above the strong resistance at $90,200.
Currently, BTC prices remain below the 50 and 200 day moving averages (MA); this indicates that BTC is still experiencing significant market selling pressure on the broader price trend. The immediate support for the downtrend is at $88,000; a stronger demand area for support is around $85,000.
The Relative Strength Index (RSI) recently fell below the 50 level, indicating that the bullish momentum on the price of bitcoin is weakening; Furthermore, there will be limited bullish price growth potential within the current price cycle.
Also read: Kansas Bitcoin Reserve Proposal: State-Managed Fund of Unclaimed Crypto Assets by 2026
Tweet highlights bullish long-term expectations
Following the spread of a viral tweet on
However, it does not match the currently bearish outlook based on the technical analysis of BTC’s current price movement.
In conclusion, BTC remains in a consolidation phase as bulls try to break and hold above the critical resistance levels; However, the overall long-term outlook remains optimistic, while technical analysis still warrants a cautious approach until an outbreak actually occurs.
Also read: Bitcoin ETFs Lose $1.58 Billion as Weekly Chart Signals Rising Downside Risk
#Bitcoin #Price #Analysis #BTC #trading #sideways