Bitcoin (BTC) hit a new weekly close on October 15 as “extremely cloudy” trading conditions still left hope for a breakout above $27,000.
1-hour chart for the BTC/USD pair. Source: TradingView
The “extremely boring” BTC price can still surprise at the end of the week
Data from Cointelegraph Markets Pro and TradingView followed a trading weekend without any major moves, with BTC price volatility missing before the close.
We are still hovering around the important $26,800 level, Bitcoin did not offer traders any significant signs of developmentwhile spot markets were quiet.
$BTC
Typical weekend algorithms that seek exposed positions in CME futures open about 12 hours from now and open weekly tomorrow
There has been no significant inflow so far this weekend, just a spot and culprit buyer ~ probably algo pic.twitter.com/z38tKoozK3
— Skew Δ (@52kskew) October 15, 2023
$BTC: Typical weekend hunt for exposed CME positions. Futures open in about 12 hours and weekly tomorrow.
There is no significant inflow for this weekend so far, only spot and long-term buyers are more likely.
Given the bullish potential, argued Michaël van de Poppe, founder and CEO of MN Trading There was scope for BTC price to rise up to $27,800.
“Weekends are extremely boring for trading, especially for Bitcoin”he told X subscribers that day.
“Prospects unchanged. Double bottom tested at $26,500 and held there. Currently, the price is struggling with resistance that should break through another test of $27,000 and end with a breakout to $27,800.”
Annotated chart for the BTC/USD pair. Source: Michael van de Poppe/X
Meanwhile, popular trader and analyst Daan Crypto Trades observed a Next weekly candle close below a “bull market support band” formed by two moving averages.
“For a few weeks there is still no convincing close above or below as we trade in this area.”said part of the comment in X.
Chart of the BTC/USD pair with the bull market support band. Source: Daan Crypto Trades/X
Additional analysis predicted that volatility would increase towards the end of the day The latest close of CME Group Bitcoin futures is $26,840 and is an area of interest.
#Bitcoin Pretty straightforward weekend.
We expect some volatility and an increase in volume in a few hours as we normally see on Sunday afternoon. https://t.co/ghsVin9KxM pic.twitter.com/oNyIaWiZx8
— Daan Crypto Trades (@DaanCrypto) October 15, 2023 Pretty easy weekend for Bitcoin.
We expect some volatility and increased volume in a few hours as we typically see on Sunday afternoons.
The Bitcoin adoption curve model requires support at $27,000
$27,000 and above also formed a focal point over the weekend as potential longer-term support.
This came from Timothy Peterson, founder and investment manager at Cane Island Alternative Advisors, who saw that BTC price levels will become more important in the future.
Thanks to the connection between price and adoption, $27,000 is likely to form a benchmark of sorts that will remain as support around 75% of the time through the end of 2023.
“Bitcoin’s price is above its acceptance curve 75% of the time. “This curve will reach $27,000 in 60 days,” he wrote in X along with an illustrative graph.
Bitcoin adoption curve chart. Source: Timothy Peterson/X
In August, Peterson predicted a 15% drop in BTC price by October, while $100,000 is expected to arrive within the next three years.
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