Key Points:
Bitcoin is facing three moving averages on the daily chart, all at the same position, and has seen an increase at the beginning of this week.
Analysis indicates that the monthly and quarterly closes make recovering these moving averages particularly important.
Multiple factors this week are expected to drive Bitcoin price volatility.
Bitcoin is simultaneously challenging three "key" moving averages, and whether the bullish trend can continue depends on breaking through these technical resistances.
Keith Alan, co-founder of Material Indicators, released the latest analysis on Monday, reminding traders to focus on the daily close.
Although Bitcoin rebounded significantly from near $109,000 at the beginning of the week, the bulls have not yet fully stabilized.
In analyzing the current market structure, Alan pointed out that several simple moving averages (SMA) have converged in the same area.
Currently, the 21-day, 50-day, and 100-day simple moving averages are all at the same position, with the spot price running right in that range.
"They are indeed very close now," he stated in a video update on X.
Data shows that as of the time of writing, BTC/USD is trading above the 50SMA but still below the other two moving averages. The closing price on Monday has broken through the three trend lines.
"The key is not how you start the day, nor what happens in between, but how you close," Alan added.
He reminded investors to pay attention to whether the moving averages can turn into support, stating that this is a matter worth focusing on.
As BTC/USD is currently in a volatile state, the factors driving market fluctuations are particularly crucial.
According to Cointelegraph, several U.S. macroeconomic data points will be released this week, almost all related to employment.
The weakness in the labor market has become a core concern for policymakers. The Federal Reserve is weighing future interest rate cut paths.
The risk of a U.S. government shutdown is approaching, expected to begin on October 1, adding more uncertainty to the performance of short-term risk assets.
Additionally, as the monthly and quarterly candlesticks are about to close, market volatility may further intensify.
"If the daily candle closes above the 21-day SMA, it will release a strong signal, but the premise is that it can maintain that level after the monthly open," Alan added on the relevant topic.
Related: Bitcoin Bulls Return: What Conditions Are Needed for BTC to Rise to $120,000?
Original: “Analyst Interpretation: Three Key Bitcoin (BTC) Price Ranges to Watch Before Monthly Close”
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