Bitcoin has been stuck in a range between $27,000 and $28,000 due to a resilient bearish trend that could potentially push the cryptocurrency down to key support levels at $25,762 and possibly as low as $20,431.
This was the state of affairs on Friday, with the market’s unpredictability exacerbated by the presence of liquidity pockets and ongoing consolidation within a $1,300 range.
The bearish trend could be negated if Bitcoin manages to break past the 200-day Simple Moving Average (SMA) at around $28,000 and secure a daily close above the psychological level of $30,000. Several factors could trigger this shift from bearish to bullish. These include an unexpectedly positive jobs report, approval of a spot Bitcoin Exchange-Traded Fund (ETF), or a loss in a lawsuit by the Securities and Exchange Commission (SEC) against a cryptocurrency firm.
The recent downturn in the market was marked by a significant sell-off on Sunday, October 2. This event contributed further to the current stagnation of Bitcoin’s price and the overall uncertainty in the cryptocurrency market.
In these turbulent times for Bitcoin, investors are closely watching any potential changes in market conditions that could affect the price of the world’s largest cryptocurrency. The interplay between bearish fractals and potential bullish triggers continues to shape the unpredictable landscape of Bitcoin trading.
