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Despite the red-hot begin to the month, the historically bullish “Uptober” period has not been particularly according to expectations for the Bitcoin price. After the market-wide downturn on October 10, the leading cryptocurrency didn’t stage a major recovery to its previous highs.
In fact, Bitcoin price motion continues to struggle under persistent bearish pressure and fell to a brand new low of around $103,000 on Friday, October 18th. With uncertainty dominating the market, investors are wondering whether the uptrend is over or the sluggish performance is only a blip.
According to a recent outlook, the present technical state of the BTC price could make clear the following move.
BTC is susceptible to a deeper correction if it loses the $99,900 support level
In an October 17 post on social media platform X, Glassnode presented an interesting assessment of current Bitcoin pricing. The well-known cryptoanalytics firm revealed that the flagship cryptocurrency is currently sitting between two major support zones.
This evaluation is predicated on Glassnode's technical pricing model, a chart that incorporates a variety of technical indicators including the Pi cycle indicator, the Mayer multiple, the annual moving average (MA), and the 200-week moving average.
According to Glassnode, Bitcoin price is currently fluctuating between the Mayer multiple ($107,400) and the annual MA ($99,900).
Source: @glassnode on X
The Mayer multiple (200-day easy moving average) is a preferred technical indicator that is commonly related to the transition point between a bull and bear market. Meanwhile, the 365-day SMA provides a long-term baseline for high-time frame market dynamics.
After the recent decline, Bitcoin price slipped below the 200-day moving average, indicating a possible shift from bullish to bearish market conditions. While BTC remains to be above the 365-day moving average, the leading cryptocurrency needs to remain above this level to stabilize the present trend.
Ultimately, investors should control BTC price as a break below $99,900 could spell even greater trouble for the world's largest cryptocurrency. It is value noting that a return above the Mayer multiple might be significant for Bitcoin's performance, albeit with price resistance across the 111-day moving average (currently at $114,700).
Bitcoin price at a look
As of this writing, Bitcoin's value is around $106,427, representing a price drop of just about 2% within the last 24 hours.
The price of BTC within the each day time-frame | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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