The first week of October hasn’t seen much gains in the crypto market as Bitcoin seems to be comfortable in the $19,000 level. The popular cryptocurrency’s recent highs above the $20,300 mark left investors high and dry. Traders had placed their focus on Bitcoin price pushing through long-term descending trendline resistance.
Ray Salmond, a crypto analyst with Cointelegraph, believes BTC price simply consolidated its way through the trendline by trading in a sideways manner where the price has been range bound between $18,500 and $24,500 for the past 114 days.
At the time of writing this article, Bitcoin was changing hands at $19,501 losing nearly 2% of its value in the last 24 hours. Ethereum, also down by 1.55%, was changing hands at $1,329. The majority of the altcoins are in the red except for Ripple’s XRP which has recorded gains of nearly 7% in the last 24 hours. Uniswap (UNI) is the biggest loser. It’s down by 2.54%, Polygon MATIC lost 1.34%, Solana 1.30%, and Cardano is down by 0.37%.
Analysts say Bitcoin and Ether have resiliently held within a narrow band throughout the recent flurry of economic releases. Moreover, Bitcoin’s increased correlation to gold prices reflects its muted volatility. Traders at present are concerned about BTC’s price at $19,500 because the next price level where support exists is close to $19,200, and $19,200 is close to the $19,000 mark. This is where the open interest for put options exceeds that of call options. Analysts believe that breaching this level will likely put additional weight on BTC’s price.