BTC Holds Steady at $63,000: Bears Struggle to Stop Upside Momentum

Traders Expect a Bitcoin Price Shift as BTC Holds Steady at $63,000

As data suggested bears were running out of time to stop the upside move in the Bitcoin price, the cryptocurrency circled $63,000 on September 24. Following the first Wall Street open of the week, data continued to reveal flat conditions for BTC/USD. Notwithstanding the lack of volatility, traders predicted that a shift in circumstances was inevitable.

Expect shenanigans later,

trader Skew

Regarding the spot price being pinned between the two liquidity blocks of $62,000 to the downside and $65,000 to the upside, respectively, Skew explained.

Trader Mayne: Bitcoin Bulls Eye Breakout as Bears Struggle to Keep Control

Taking a longer-term approach, Mayne, another trader, published on X a weekly chart that illustrated the series of lower highs and lower lows that have been happening since March’s run to $73,800. He suggested that the trend might just be breaking through a new, higher bottom at this point.

Each of the last pumps we traded right up to the previous lower high then fully retraced. The main difference between this time and the last few attempts is we are coming off of a potential higher low. Bears are running out of time to dump this back down. They’ve got to nuke this here or after a sweep above the last lower high. Uptober looming, should be exciting.

Mayne

In response, Skew concurred and stressed the importance of keeping $62,000 in case bears momentarily seize control. In a positive indication of a trend reversal, on September 11, Bitcoin’s traditional Puell Multiple metric entered its critical “green” zone for the first time since the end of the 2022 bear market.

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