Bitcoin Technical Analysis Report | 16th October 2023


Bitcoin has been locked in a trading range between moving averages recently, reflecting uncertainty and a standoff between bullish and bearish sentiment regarding its next price movement. Such tight consolidations often precede significant price swings. However, Bitcoin hasn’t favoured the bulls this week, with its price on track to close with a more than 3% loss. This downward pressure, coupled with regulatory concerns, has contributed to a reduced interest in Altcoins among crypto investors. Consequently, Bitcoin’s market dominance has remained near the 50% mark.

At the time of writing BTC was trading at $27,180.

Bitcoin Monday Daily Chart | 16th October 2023
Bitcoin (BTC) Chart

Bitcoin after testing the crucial support level of $25,000 (Horizontal Trendline & 50% Fibonacci Retracement Level) has witnessed a relief rally and the prices went up almost by 14% to $28,580. However, the bulls failed to manage their grip on the asset as BTC resisted at $28,500 and corrected to $26,538. Currently, over the past four days, the asset has been trading in a narrow range from $26,550 to $27,250 with low volumes. BTC has strong support at $25,000 and strong resistance at $32,500. Breakouts on either side of these levels with good volumes will further decide the trend of the asset.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2.

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