Bitcoin broke $63,000 on September 24, with analysts claiming the bears are “running out of time” to stop the BTC price rally.
BTC/USD 1-hour chart. Source: TradingView
“Fixed” BTC Price Predicts Bulls vs. Bears Battle
Bitcoin (BTC) continues its steady trend after the first Wall Street opening of the week, according to data from Cointelegraph Markets Pro and TradingView.
Volatility was nowhere to be seen, but traders said it was only a matter of time before things changed.
Trader Skew summed it up in one of his recent X posts: “Expect chaos to come later.”
Skew noted that the spot price is “stuck” between two liquidity blocks, down $62,000 and up $65,000 respectively.
Fellow trader Main then took a longer-term view and uploaded a weekly chart for X, highlighting a series of lower highs and lower lows since the March surge to $73,800.
He now suggests that the trend could collapse to new highs.
“The last pumps all traded to the previous lower high and then completely reversed. The main difference between this one and the last few attempts is that it is coming off a potential higher low,” he commented.
“The bears don’t have time to let this one fall again. They have to nuke this after it gets above the last low. Uptober is coming. It’s going to be exciting.”
BTC/USDT Perpetual Swap 1-week chart. Source: Mayne
Skew agrees, adding that holding $62,000 is crucial in case the downtrend temporarily gains control.
“This is as far as I can tell the bears will actually do anything with ($64,000-$65,000),” another post explains.
Puell Multiple delivers rare reversal signals.
In an encouraging trend reversal, Bitcoin’s classic Puell Multiple indicator has reached the key “green” zone for the first time since the bear market ended on September 11, 2022.
relevant: RSI hints at a classic BTC price breakout: 5 things to know about Bitcoin this week
Data from on-chain analytics platform CryptoQuant confirms that a bounce may now be underway, a classic sign that a macro price bottom has been reached.
As Cointelegraph recently reported, there were high expectations that the multiple would return to its bottom range.
“Historically, reaching the green zone has been followed by an upward price move,” CryptoQuant contributor Darkfost summarized in a Quicktake blog post on the topic on September 23.
Darkfost described the green zone tag as a “strong long reversal signal.”
Bitcoin Puell Multi Chart. Source: CryptoQuant
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.