The price of Bitcoin went below on the 11th of October as the price of $27000 saw its first-ever real test since the beginning of this month. According to data retrieved from TradingView and Cointelegraph Markets Pro, it was understood that the BTC pricing weakness had been increasing overnight- which included a trip to Bitstamp of around $26,978.
This implies that the cryptocurrency came to a full circle for October, which erased all the gains that had been made in the early part of September. Skew, a popular trader, went on to analyze the interplay between the two moving averages along with a death cross. In March, he noted that the 100-day Moving Average had crossed the 200-day counterpart which was a golden cross event that would traditionally mark an upside to come.
Bitcoin’s Price Has Been Stuttering Constantly
The commentary from X read that Bitcoin had barely managed to go over the death cross so if one went on to head lower they would be able to test 200 MA again before they started trending. The daily chart also showed the MA over 200 days acting up as stiff resistance for BTC/USD despite the early October gains. Since the death cross had confirmed it on the 9th of October, the pair had lost around $1000.
The current price behavior of Bitcoin has further fuelled the conservative views about how the cryptocurrency could be seen and developed in the coming months. Rekt Capital, a popular trader and analyst, believes in the possibility of the cryptocurrency maintaining significantly lower levels which includes a return to $20,000.
