Bitcoin Price Wedged Between 2 Crucial levels — What To Expect In Coming Days

Despite the red-hot start to the month, the historically bullish “Uptober” period has not particularly gone according to the expectations for the Bitcoin ￰0￱ the market-wide downturn on October 10, the premier cryptocurrency has not been able to mount a clear recovery back to its former ￰1￱ fact, the Bitcoin price action continues to struggle under lasting bearish pressure, falling to a new low around $103,000 on Friday, October ￰2￱ uncertainty taking over the market, investors are left wondering whether the bull run is over or the sluggish action is a minor ￰3￱ to a recent outlook, the current technical position of the BTC price could offer insight into its next ￰4￱ At Risk Of Deeper Correction If It Loses $99,900 Support In an October 17 post on the social media platform X, Glassnode put forward an interesting evaluation of the current Bitcoin price ￰5￱ prominent crypto analytics firm revealed that the flagship cryptocurrency is currently sitting between two major support ￰6￱ analysis is based on the Glassnode Technical Pricing Model, a chart containing a number of technical indicators, including the Pi Cycle indicator, the Mayer Multiple, the Yearly Moving Average (MA), and the 200-Week Moving ￰7￱ to Glassnode, the Bitcoin price is currently wedged between the Mayer Multiple ($107,400) and the Yearly MA ($99,900).

The Mayer Multiple (200-Day Simple Moving Average) is a popular technical indicator often linked with the transition point between a bull and bear market. meanwhile, the 365 Day SMA offers a long-standing baseline for high-timeframe market ￰8￱ the latest dip, the Bitcoin price slipped beneath the 200-day Moving Average, signaling a possible shift from a bullish market condition to a bearish ￰9￱ BTC still holds above the 365-day MA, the premier cryptocurrency needs to stay above this level to steady the current trend. Ultimately, investors might want to keep an eye on the BTC price, as a break beneath the $99,900 level could spell much bigger trouble for the world’s largest ￰10￱ is worth noting that a return to above the Mayer Multiple could be significant for Bitcoin’s progression , albeit with price resistance around the 111-day moving average (currently at $114,700).

Bitcoin Price At A Glance As of this writing, Bitcoin is valued at around $106,427, reflecting an almost 2% price drop in the past 24 hours.