After impressive starting in 3Q, Bitcoin’s price has been struggling to replicate optimistic forms from July for the past two months. In less than two weeks, the flagship cryptocurrency showed signs of equipped with real and continuous execution in the new high.
However, the market seems to have gained some trust from the “October” season, which is approaching quickly, and many people expect the price of Bitcoin to witness the uptrend for the next few weeks. The latest on -chain data has confirmed the important level to see if market leader should maintain the upward prejudice.
The reason why $ 114,500 is an important support area for bitcoin prices
In the September 20 post of the X platform, AXEL Adler Jr., an encryption analyst, shared an interesting hot chain of Bitcoin prices. According to an online expert, the price of the BTC will resume the bulls, which remains more than $ 114,500.
This evaluation is centered around the volume weighted average price (VWAP) band, which represents the average price (bitcoin) of assets (bitcoin) added to the volume. Metric displays two top and bottom bands that serve as a dynamic support and resistance level of asset prices.
According to ADler JR., the VWAP band is currently absorbing sales pressure facing Bitcoin prices. The band is about $ 114,500, so the price is an important support cushion for market leaders.
Source: @AxelAdlerJr on X
Onchain analysts pointed out that if the price is over $ 114,500, premiere cryptocurrency is likely to maintain a rise in prejudice. Adler Jr. said, “The basic case scenario is integrated with the upward bias with short absorption and integration as long as the price is maintained more than VWAP and avoiding the lower half of the band.
ADler Jr. also emphasized the future pressure index, which fell to 32.5 in the weaker pressure of weakness. But the Bitcoin Spot market continues to show good elasticity.
Investors now need to see and see if this elasticity is interpreted as a real upward momentum in the next week.
Bitcoin price at a glance
At the time of this article, the price of BTC is less than $ 116,000, which does not reflect big movements in the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Istock’s main image, TradingView chart
Editorial process focuses on providing thorough research, accurate and prejudice content. We support the strict sourcing standard and each page is diligent in the top technology experts and the seasoned editor’s team. This process ensures the integrity, relevance and value of the reader’s content.
