Bitcoin is on a massive rise since late September. impressive bullish rally To reach price levels near its record high of $124,457. It remains to be seen whether this premier cryptocurrency can maintain its early-October momentum and reach new levels of price or will suffer a massive correction that could push it into lower liquidity areas.
Bitcoin Key Levels to Watch: Rally Challenge is at $125k Resistance
Then, you can also find out more about the following: X post Ted Pillows, key opinion leader Ted Pillows (KOL), shared on the 3rd of October that Bitcoin was once again nearing critical levels. This is backed up by trader data. Pillows’ analysis was based on Order Book Heatmap, which measures the quantity or amount of buy-and-sell orders pending at different price levels. The indicator depicts horizontal bands of colour at these levels. Colors represent the clusters or orders that are resting within those zones.
KOL reports that Bitcoin is characterized by a large number of buy orders grouped around $125,000. A zone with a cluster of sell orders can act as a strong barrier for price. Ted also noted the existence of significant amounts of buy order to the downside, particularly around $119,500 These orders are worth between $117,500 and $117,000. These orders would act as a solid base if this flagship cryptocurrency experienced a significant correction.
Bitcoin Market Outlook: Cautionary
Separate X post, Pillows also shares more insights concerning Bitcoin’s price action and what to watch out for in a potential downswing. The analyst predicted that Bitcoin would accumulate around $120,000 before rising to $124,000. This prediction has played out and led to a small retracement.
Crypto pundit Leo Pillows highlighted that the 20-day exponential moving average (EMA20) which is near $118.447 at the moment was a critical threshold. Pillows says that, as long as Bitcoin stays above the $118,447 level, its current trend will continue to be bullish.
A break below the 30 day Moving Average (MA30), which is currently at $116.415 may also be an ominous sign for cryptocurrency. KOL said that the situation may open up to “a larger correction toward $112k-$113k,” As more liquidity is sought.
The market is therefore in an anxious state to find out if Bitcoin will test the higher resistance of $125,000, or revert back to lower levels to check its support zones. Bitcoin could continue its impressive uptrend if it were to breach its resistance zone.
Bitcoin’s value is currently around $122,100. It has grown by about 1.6% over the last day.
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Source: www.newsbtc.com
