The challenging environment of high inflation and geopolitics has pushed Bitcoin into a tight corner but it continues to display strength. Over the past few days, BTC has been trading between $18,600 and $19,500. It touched $19,600 yesterday, with an uptick also seen in US equities; S&P 500 and Nasdaq Composite Index gained 1.5% and 2.2%, respectively.
The crucial $20,000 mark remains flush with large volume traders eager to continue profit-taking. Mega Whales, as per the BTC/USD chart on Binance, have been dumping into Bitcoin support to minimize slippage. There is a bulk of resistance just below the $20,000 boundary. Maartunn, an analyst and contributor to CryptoQuant, highlighted a large area of bid interest between $18,000 and $18,500. He said this was worth around $65 million as of September 28. But traders, in terms of the strength of the current bounce, are skeptical and cautious about exposure.
At the time of writing, Bitcoin was up 4.08% and trading at $19,451. The world’s most loved cryptocurrency continues to trade below the psychologically important $20,000 mark. It appears set to trade relatively flat as prices have tended to revert more to their mean rather than the trend in a particular direction. Bitcoin failed multiple times to break above $20,000. Analysts expect macroeconomic events to trigger a rally sooner than expected. Ethereum was changing hands at $1,338 after having gained 4.26% in the last 24 hours. The altcoins also saw slight gains. XRP is up by 3.72%, Solana 3.71%, Polygon 3.08%, Polkadot 2.47%, and Cardano 1.31%.