It was between October 17 and October 18 when the investors increased their buying power to push Bitcoin (BTC) over $19,659.
The particular trading price is the 50-day SMA for Bitcoin and the bulls were expected to push BTC over the particular mark.
Bears Defended 50-day SMA
Despite the strong buying efforts, the bears were not ready to give up on the bulls. Instead, they continued fighting with the bulls and were able to break their confidence.
This led to the strong rally being shredded by the bears and Bitcoin’s price moved into the lower zone. However, it is strongly suggested that with BTC’s price getting closer to $20k, many buyers opted for gains.
Therefore, they might have started selling Bitcoin for gains, bringing the trading price of BTC lower. This led to the trading price of Bitcoin moving in the lower direction.
The selling activity of the bears was able to pull BTC to $19,384 on October 18. This was the 20-day EMA for BTC and the bulls are to support this level with all their power.
Bears to Attempt another Selling Spree
The trend suggests that the bears may again make an attempt to pull the trading price of BTC. This time, they may try, and pull its price lower to $18,843.
If the buying power of the bulls is not enough to fight off the bears, then the bears may take control of the trend. This would allow them to pull the trading price of BTC to a low of $18,125.
As the price of BTC continues to decline, it would trigger another selling spree that may pull BTC’s price to a low of $17,622.
If the bears are able to pull BTC’s price lower than $17,622, they may make it a resistance level and defend it with all their power. This would make it very difficult for the bulls to push through the level.
Bitcoin’s Move to $22,800
On the other hand, if positive factors such as the weakening of the dollar work in favor of Bitcoin, then it may experience a surge.
If the investors start supporting the bullish trend and are able to push it over $20,000, it would go up to $20,500.
The $20,500 level would be a strong resistance zone where the bears may put up a great challenge. To overcome this challenge, more investors would have to support the bullish run.
If more support comes in favor of Bitcoin, then its trading price may rise to a high of $22,800.
If the bulls wish to go beyond this level, they will need to exert more buying pressure to steer the trend in their favor.
