- Bitcoin price showed a modest price dip of 1.28% in the last 24 hours.
- The cryptocurrency is expected to witness price breakouts hitting new highs this month.
With the new month bringing glad tidings for some, the digital assets community anticipates bullish rallies and god candles. In the midst of investors’ expectations, Uptober faces pressures for significant price actions. However, in the Asian early morning hours, the cryptocurrency market has receded to a mild price dip sending mixed signals.
The leading cryptocurrency, Bitcoin slid modestly and hit the support level of $63,000 on Tuesday. In the last 24 hours, its price dip accounts for a 1.28% decrease. At the beginning of the day on September 30, the cryptocurrency traded at $64,525 after which it slipped downward. At the time of writing, BTC was trading at $63,672 according to CMC data.
Meanwhile, during the last few days of September, Bitcoin’s price movements suggested an early onset of its bull run. The cryptocurrency after its prolonged slump at the $50K level hit $66,000 propelled by this price cycle. Subsequently, investors and market analysts alike expected the bullish momentum to sustain through to Uptober.
However, the recent price dip has not disheartened the community as specific analysts also predicted that brief dips might precede bull runs as historical data suggests. Moreover, market analyst Ali stated how certain dips towards the end of September had always been followed by significant gains in October.
What to Expect for Bitcoin Price this Month?
On inferring Bitcoin’s technical indicators, the short-term 9-day MA stands clearly above the long-term 21-day MA indicating the bull run. While this suggests the current market situation, the Moving Average Convergence Divergence (MACD) hints at Bitcoin’s upcoming price movements. The signal line standing over the MACD line indicates a positive market situation.
Additionally, BTC’s Average Directional Index (ADX) value is locked at 21.57 highlighting a strong bullish trend per TradingView data. This indicates a bullish prediction for the largest cryptocurrency when inferring the different technical indicators.
Meanwhile, other cryptocurrencies such as Ethereum and Solana are yet to witness their price breakouts.
