Portfolio

Bitcoin price, range-bound between $17,500 and $22,500

By Noemi Jansana / Alejandra Zamora

Date: Monday 03 Oct 2022

Bitcoin price, range-bound between $17,500 and $22,500

(Sharecast News) - Bitcoins price remains little changed on Monday, with the price in clear consolidation and not daring to decisively assault the $20,000 mark, where rises were rejected on two occasions last week. Experts believe that as long as it does not clearly surpass this mark and, what is more, until it does not exceed $22,500, the sideways movement will continue for the most traded of the digital currencies.
Currently, the price is trading below $19,400 and the 100-hour simple moving average. Technical analysts warn that they could start a new decline if there is a definite move below the $18,500 support.

"From a technical standpoint, key levels within the $17,500 - $22,500 range are still respected," wrote Javier Molina, analyst at eToro, in a report. "Losing $17,500 would mean going for $13,500. Above, it is $22,500 that is the resistance to beat. From a sentiment level, we are still in extreme fear territory, but, without getting oversold," he added.

Ethereum is exhibiting similar behavior, with several attempts last week to climb above $1,350, but failing to do so. Currently, the price of the leading altcoin is battling with $1,300.

Most of the main altcoins have fallen in the last 24 hours and the total capitalization is below $930 billion.

This behavior is evidence that the lack of interest in risk assets persists, caused by the depressing financial news in the markets. Since the US Federal Reserve (Fed) raised interest rates to combat sky-high inflation throughout the year, the appetite of cryptocurrency investors has waned, hand in hand with declines in global stock markets, especially Wall Street.

However, many experts point out that cryptos have sent signals of resistance at a time when the New York Stock Exchange indixes are performing particularly poorly. However, they also point out that the behavior exhibited by digital currencies is classic bear market behavior and they do not expect significant upward movements.

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