Market Wrap Bitcoin: Will Uptober Vibes Persist? – Blockzeit

Posted on October 7, 2022Comments Off on Market Wrap Bitcoin: Will Uptober Vibes Persist? – Blockzeit

Bitcoin has slowly slithered up this past week. It is hard for most investors and traders to identify opportunities in such market movements. Those who mainly benefit are long-term holders.

Is it time to pick up a bag of Bitcoin for the bull season?

Previous Analysis

Last week’s analysis saw bitcoin in a do-or-die position. The asset needed to choose a side. Did it, though? Well, it did (ish). The asset is currently just +3.11% from last Friday’s price at the analysis time.

While we’ll take a green day (even a small one) over a red one, traders expected a much more robust move from Bitcoin this past week. Other altcoins have been pumping in price, giving the impression that Bitcoin has found its bottom and the bull season is slowly returning.

BTC: What’s In Store for Next Week  

Bitcoin managed to trend out of the red zone (red box) and is now firmly in the larger blue region. In this region, BTC is expected to touch a high of $21,611 as it retests that resistance zone.

The asset’s price is now trending above the 21-day EMA (green line), which is good news for the asset. The coming week might see a push further to the upside. BTC is retesting the 21 EMA after breaking above it on October 4. 

If bulls have their way, the price should bounce off this moving average and head for the $21.5k region, a +7.97% increase.  If Bitcoin bests the $21.5k resistance, the asset could rise rapidly to test the 200-day EMA (thick white line), sitting at about $26,480.

Other possible resistance points above $21.5k include $22.5k, $24,k and $24.5k

Current Price: $19,977

Verdict Next Week: Bullish

Verdict October: Bullish

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