— As of this writing Bitcoin is trading near
— As October gets set to start in a couple of days, BTC/USD is producing a rather consolidated range, one that has been rather steadfast since the middle of May.
While influencers may not like this perspective, after BTC/USD has touched highs over the past handful of months, the digital currency has then ran into strong headwinds which continue to also create rather durable looking support levels that get tested. The last time Bitcoin traded below 100,000.00 was in late June, but support around the
News of Cryptocurrency ETFs and Volumes
Although there has been plenty of news the past month regarding new ETFs being opened by financial institutions in order to trade cryptocurrencies, BTC/USD has not seen its trading volume increase – in fact it remains rather meek. Bitcoin in many respects has gone from a widely embraced speculative commodity traded by small retail traders and large players to an environment in which the perception exists that only BTC/USD ‘whales’ move the market.
Bitcoin’s low for September was around 107,200.00 on the 1st of September. The high was on the 18th, which was after the
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Perspectives for October and Looking Backwards
Small day traders who want to pursue BTC/USD should remain cautious as always. The digital currency can change direction in the flick of an eye and
— Recent trading in BTC/USD could open the door to the perspective that when resistance is challenged that selling is not the worst idea.
— If Bitcoin continues to languish near highs of
— Support below it should be pointed out has proven rather durable however.
— The banter about a possible government shutdown in the
— The consolidation of BTC/USD not only the past month, but the past handful of months makes the digital currency suspicious.
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Bitcoin Outlook for
Speculative price range for BTC/USD is
Speculators wanting to pursue BTC/USD should remain careful as always. Support levels can also be used to look for potential moves higher. However, if Bitcoin were to fall below early September lows and suddenly traverse to within sight of 100,000.00 this would cause noise in the BTC/USD market. Bitcoin has not suffered a strong downturn for several months. If BTC/USD climbs above 125,000.00 and shows the ability to be sustained this could bring in speculative power.
A six month technical chart clearly demonstrates the lack of a significant selloff. That doesn’t mean a steep decline is about to happen. Influencers within Bitcoin will certainly point to the past handful of months and say BTC/USD is maturing as an asset, that its price has become stable enough to be considered a viable investment. Yet, doubters remain. For the time being it appears BTC/USD may remain consolidated in October and that it may produce a rather steady wagering ground for those who want to pursue, but this is Bitcoin we are discussing, and volatility although not abundant recently still remains a potentially dangerous threat.
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