Bitcoin

Bitcoin circled $63,000 on Sept. 24 as analysis argued that bears were “running out of time” to halt BTC price upside.
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 <img alt="BTC price support at $62K must hold if Bitcoin bears step in — Traders" name="" src="https://s3.cointelegraph.com/uploads/2024-09/019222e2-1369-74c7-8105-ad041b451bee">
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 id="br-pinned-btc-price-sets-up-bulls-vs-bears-battle"> ”Pinned” BTC price sets up bulls vs. bears battle</h2>
Data from <a data-ct-non-breakable="null" href="https://pro.cointelegraph.com/?via=markets&amp;_ga=2.173325223.503936973.1685953699-1136475544.1627545224" rel="null" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="null" target="null" text="null" title="null">TradingView</a> showed flat conditions for Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) continuing after the week’s first Wall Street open.
While volatility was nowhere to be seen, traders suggested that it was only a matter of time before things changed.&nbsp;
“Expect shenanigans later,” trader Skew <a data-ct-non-breakable="null" href="https://x.com/52kskew/status/1838272119878357061" rel="null" target="null" text="null" title="null">summarized</a> in one of his recent X posts.
Skew referenced spot price being “pinned” between two blocks of liquidity, which are $62,000 to the downside and $65,000 to the upside, respectively.
Continuing, fellow trader Mayne took a longer-term perspective, <a data-ct-non-breakable="null" href="https://x.com/Tradermayne/status/1838244402373734840" rel="null" target="null" text="null" title="null">uploading</a> a weekly chart to X highlighting the series of lower highs and lower lows playing out since March’s trip to $73,800.
Only now, he suggested, could the trend be breaking down via a new higher low.
“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,” he commented.&nbsp;
<blockquote>
 “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.”
</blockquote>
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 <img alt="BTC price support at $62K must hold if Bitcoin bears step in — Traders" name="" src="https://s3.cointelegraph.com/uploads/2024-09/019222de-0105-71a8-87aa-2a5290872d8f">
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 BTC/USDT perpetual swaps 1-week chart. Source: Mayne
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Skew, in turn, agreed, adding that it was vital for $62,000 to hold should bears temporarily take control.
“So far this is the expected area for bears to actually do something ($64K - $65K),” another post <a data-ct-non-breakable="null" href="https://x.com/52kskew/status/1838275652723839410" rel="null" target="null" text="null" title="null">explained</a>.
<h2 id="br-puell-multiple-delivers-rare-reversal-signal"> Puell Multiple delivers rare reversal signal</h2>
In an encouraging trend reversal development, Bitcoin’s classic <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/the-most-common-crypto-metrics-a-beginners-guide" rel="null" target="null" text="null" title="null">Puell Multiple</a> metric hit its key “green” zone for the first time since the end of the 2022 bear market on Sept. 11.
Related:&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/rsi-classic-btc-price-breakout-5-things-bitcoin-this-week" rel="null" target="null" text="null" title="RSI hints at classic BTC price breakout — 5 things to know in Bitcoin this week">RSI hints at classic BTC price breakout — 5 things to know in Bitcoin this week</a>
Data from onchain analytics platform CryptoQuant confirms that a rebound may now be in progress — a classic signal that a macro price bottom could be in.
As <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/classic-rektember-5-things-bitcoin-this-week" rel="null" target="null" text="null" title="null">Cointelegraph recently reported</a>, the Multiple’s return to its bottoming range had been keenly anticipated.
“Historically, when the green zone was reached, it was followed by an upward price movement,” CryptoQuant contributor Darkfost summarized in a <a data-ct-non-breakable="null" href="https://cryptoquant.com/insights/quicktake/66f19af5fb44197b566c3ce7-BTC-PUELL-Multiple-reversal-signal" rel="null" target="null" text="null" title="null">Quicktake blog post</a> on the topic on Sept. 23.
Darkfost described the green zone tag as a “strong long reversal signal.”
<figure>
 <img alt="BTC price support at $62K must hold if Bitcoin bears step in — Traders" name="" src="https://s3.cointelegraph.com/uploads/2024-09/019222e0-7692-7370-a695-8072782793f3">
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 Bitcoin Puell Multiple chart. Source: CryptoQuant
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

BTC price support at $62K must hold if Bitcoin bears step in — Traders

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