$32M Short Liquidations Propelled Bitcoin Above $28,000; Is This an Indication of ‘Uptober’?

2 months ago 16
BITCOIN Price Analysis

The post $32M Short Liquidations Propelled Bitcoin Above $28,000; Is This an Indication of ‘Uptober’? appeared first on Coinpedia Fintech News

After consolidating under $27,500 for over a month, the Bitcoin price broke above the interim resistance, aiming to reach the initial target of $28,000. The bulls have managed to sustain the price above the gains that may keep up the bullish momentum for an extended period ahead. Besides, the risen volatility is believed to remain elevated for a long time, which suggests the higer target at $30,000 may be on the horizon, indicating the beginning of Uptober!

The BTC price in the longer time frame had formed an inverse head-and-shoulder pattern, which flashed acute bullish signals. After maintaining a 45-week uptrend since the beginning of the year, Star Crypto is closer to breaking the 95-week downtrend that began with the start of 2022. Although the volume has dropped comparatively, the rise in buying pressure could eventually place the bears in dire straits.

Historically, October + November have been proven as bullish months for Bitcoin, attracting huge profits. If a similar trend repeats, the price may make it above $30,000 easily and close the year trade, forming new yearly highs beyond $32,000. In times when bears are more keen on extracting short-term benefits, will the BTC price sustain above $30,000?

The BTC price is trading within a rectangle within fixed resistance and support levels. The price has rebounded from the determined support levels after each contact and also faced rejection at the resistance. However, the current upswing is expected to break above the pattern as the RSI is bullish. The levels dropped below the average, and the latest upswing enabled a smooth rise above. The rising levels indicate the bullish momentum could prevail for a while and may eventually lift the price close to $30,000 initially.

Besides, Bitcoin volatility is expected to remain elevated throughout the week. If this factor could lift the price above the crucial area of around $28,500, the likelihood of maintaining a significant upswing increases. Now that the volatility is expected to prevail for a couple of weeks, a strong breakthrough in the pattern may lay the foundation for a strong upswing ahead.

Therefore, the ongoing fortnight could be extremely crucial for the Bitcoin price and may have a huge impact until the yearly close.

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