Bitcoin seems to have gotten comfortable with the $19,000 mark following heavy losses last week. It has recently been trading at $19,135, down 0.90% over the last 24 hours. Bitcoin had briefly touched the highs of $20,000 last week before descending to the ledge it occupied for much of September.
The outlook remains gloomy as dismal financial data from macro markets contribute to the lack of appetite for risk assets among crypto traders. Il Capo of Crypto, a popular Twitter crypto trader, believes a return above the $20,000 mark is still possible but is also to be followed by a much lower dive. He highlighted steady buy-ins worth $192,000 on exchange FTX, which could contribute to the short-term upside.
Caleb Franzen, a senior market analyst at Cubic Analytics, says the September close continues a losing streak for Bitcoin which rivaled the 2018 bear market. He pointed out that Bitcoin has officially produced 10 consecutive red monthly Heikin Ashi candles with the September close. Franzen said this is the longest such streak since the 2018 bear market, which produced 14 red candles from February 18 – March 19. It should be noted that each bear market streak has been longer than the last.
Joe DiPasquale, CEO of BitBull Capital, says the indecision and lack of buying above $20,000 are pushing Bitcoin to test its recent lows. He explained that if there is a sharp drop, the price may bottom soon and put up a nice rally. However, DiPasquale said most bulls may be scared out of their longs before that happens.