- Bitcoin price is wrestling with the 20-day moving average at $19,440 after the 12-hour candlestick closed above it.
- If BTC stays above $19,440, it is likely to target the $22,048 level.
- The daily candlestick close below the lower range at $17,593 indicates the beginning of a bearish outlook.
Produce Bitcoin Price A Bullish candle over the weekend, allowing it to face a crucial obstacle. A break above this blockade could lead to a rapid rise to important levels, signaling the start of a bullish week.
Bitcoin price continues to consolidate
Bitcoin price unified Since the June 18 crash, which set a swing low at $17,593. Since then, the market makers have been too busy to sweep away crucial swing lows. The most recent swing low formed on October 13 at $17,935 created even bottoms and collected the selling stop. Liquidity Resting down all swing lows formed after June 19th. This move was an excellent place to enter a long position and book profits at $1951, aka the high range, but the 30-day exponential moving average (EMA) at $19,440 is on the way.
Although the price of Bitcoin has caused a twelve-hour candlestick to close above it, investors need to wait for another confirmation. A successful reversal and holding above this level could push BTC to the next significant level at $22,048, provided it overcomes the $20,306 hurdle to $20,737.
In such a situation, investors are looking forward to a 13% rise in the bitcoin price from the current situation.
BTCUSDT 12-hour chart
Adding more credence to the potential 30-day EMA reversal and uptrend is the In/Out of the Money Around Price (IOMAP) pattern. Transaction data indicates that approximately 2.41 million addresses bought approximately 1.30 million BTC at an average price of $19,184.
These investors are likely to add more to their holdings if the price of Bitcoin drops, and thus act as a support level by absorbing selling pressure. Compared to “in the money” investors, “out of money” holders are fewer and are more likely to be overwhelmed if there is a spike in buying pressure.
As technical indicators and on-chain metrics align, there is a good chance that BTC will have a bullish week.
While things are looking for Bitcoin Price, market participants need to pay close attention to the $18,934, which is the midpoint between $17,917 to $1,951. A breakdown of this level will signal a shift in the market structure in favor of the bears.
In this case, investors should note that a sweep of the June 18 swing low at $17,593 would be market makers’ manipulation before unleashing an upward wave. Therefore, the daily candle closes below the mentioned level instead of the liquidity flow It will indicate that the sellers are in control.
Such a development would invalidate the bullish theory and lead to a further correction to $17,000 or the $15551 support levels. Here, buyers can go up and give the uptrend another chance.