Bitcoin started the last week of “Uptober” with a stable average sentiment, and the trading range continued to remain unchanged.
After an attempt to break through, the BTC/USD pair is still subject to a narrow channel, which has been going on for several weeks now.
Some historically low volatility means that Bitcoin has found a temporary function as a “stablecoin” – and even some major fiat currencies are currently more volatile.
However, the longer the status quo drags on, the more convinced commentators are that a major trend will change.
They believe that this week, as in any previous week – macroeconomic data, geopolitical instability and typical fluctuations around the close of the month are all factors that shake the bitcoin market.
Bulls need to work hard to ensure that this breakout is to the upside – weeks of trading ranges provide strong resistance, while behind the scenes, miners hint that capitulation may surprise everyone sooner or later.
Cointelegraph took a closer look at the current market conditions and highlighted five things to keep in mind when tracking Bitcoin price movements this week.
The highest closing price since the beginning of September
Bitcoin showed some interesting price action at the weekly close on October 23, with the BTC/USD pair showing its biggest hourly “gain” in several days, and then peaking at $19,700.
Data from Cointelegraph Markets Pro and TradingView show that bitcoin has already seen a pullback at the close, but nevertheless, this became the highest level since the beginning of September, at about $19,580.
BTC/USD one-week candlestick chart (Bitstamp) Source: TradingView
On October 24, this optimism had dissipated, and bitcoin more or less returned to its previous levels.
Michaël van de Poppe, founder and CEO of trading firm Eight, said it was time to say goodbye to range-bound BTC.
“Bitcoin is still stuck in this range,” he told fans on Twitter the day before.
The order data reflects a similar situation. Maartunn, a contributor to on-chain analytics platform…