The price of Bitcoin (BTC) continues to play with the emotions of traders and investors. People who try to guess what will happen to Bitcoin in the new month of October are not stopping (BTC). Bitcoin’s (BTC) price keeps going up and down, which makes most traders confused. This is because Bitcoin’s price doesn’t move in a set way (BTC). Trade Bitcoins on the best and most trusted ever platform bit iq.
How Much Does a Bitcoin Cost? (BTC)
As the price tries to break above $19,500, it is meeting some resistance. But there are some fake signs of a comeback before the end of the month. This is because the end of the month is almost here.
The price of Bitcoin dropped to about $18,700, but it quickly went back up to $19,300, where it met resistance when it tried to go higher. As the price of BTC trades at a major milestone, it needs to go over $20,500 and stay there for a while before there is reason to be hopeful again.
Bitcoin’s price needs to move away from the area around $19,000 because if it falls below that level, it could go as low as $17,500 or even $16,000.For people to feel safe, Bitcoin’s price needs to settle at or above $19,500 before the weekly market closes. If the price stays below this range, it’s more likely that it will go up.
On the Daily (1D) Chart, You Can See How Much Bitcoin Costs
Every day, the price of Bitcoin stays below a significant level of resistance, even though it has tried many times to break above higher levels and failed.
Since Bitcoin’s price dropped to $18,700, it has been going up, which is a good sign. Currently, the price is trying to break above the daily price range of $18,800 to $19,500, but it is running into resistance as it trades in that range.
Bitcoin is worth $19,100 right now, which is $1,100 less than the 50 and 200 Exponential Moving Averages (EMA). On a daily scale, BTC’s 50 and 200 exponential moving averages (EMA) are $20,400 and $27,000.
If the price of BTC breaks and stays over $20,500 for the whole month, it might start to feel better. This could mean the price goes back up to $24,000 or even higher.
As of Friday afternoon, the Bitcoin price was less than $20,000. In the last few weeks, it has been hard for the token to keep a price much higher than a vital price threshold for more than a short time.
Since the beginning of the year, the most popular cryptocurrency token has lost more than 60% of its value. This is a significant shift. In the past few months, bitcoin’s price has remained chiefly around $19,000, with a few dips into the $18,000s. The token went back to $20,000 on Tuesday, but this was only a short-term stay because it kept going down the rest of the week.
Even though the price of Bitcoin is at its lowest point ever, it hasn’t changed much in the past two weeks. This is important because it happened at the same time that the prices of gold, foreign currencies, and stocks all went down. Some business experts think this might be because long-term investors are still not worried about warning signs in the American economy.
More and more investors are starting to think that the differences between cryptocurrencies and stocks mean that in the future, the performance of cryptocurrencies won’t be the same as the performance of the stock market. Experts don’t think we’re there yet and don’t know if we will ever be. At the very least, a cryptocurrency needs more time before stock prices can start to move away from it.
The bitcoin price stays low, and it doesn’t look like that will change soon. The price is probably being affected by several macroeconomic factors, such as rising interest rates, the war in Ukraine, persistently high inflation, and the possibility that the United States will soon enter a recession.
Bitcoin has never been worth more than $50,000 since December 25, 2021. Since November 10, when it was worth over $68,000, Bitcoin’s price has dropped by almost 70%. This drop is due to rising inflation, a slow recovery in the job market, and repeated signs from the Federal Reserve that it will start cutting back on measures to help the economy during a pandemic. Even though the price of Bitcoin has gone up and down, it has lost nearly 70% of its value.