BTC price stays under $19K amid hopes Q4 will end Bitcoin bear market
Bitcoin (BTC) hit new weekly lows into Sep. 28 as risk asset drawdown continued overnight.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD falling to $18,461 on Bitstamp, down almost $2,000 versus the previous day’s high.
The change of direction came in lock step with stocks, which turned red after initially heading marginally higher at the Wall Street open.
The S&P 500 and Nasdaq Composite Index ultimately finished the day down 0.25% and up 0.25%, respectively.
Cypto, however, failed to recoup its losses, and while hopes were for Q4 to bring about a more solid recovery, traders were betting on the pain continuing first.
Popular Twitter account Il Capo of Crypto appeared to confirm that he favored October copying last year’s performance — something which earned it the nickname “Uptober.”
In comments, he added that he was “expecting bullish Q4. But first new lows.”
Fellow trader and analyst Rekt Capital meanwhile drew attention to the hurdles Bitcoin needed to overcome on monthly timeframes.
“Already a sharp BTC rejection at the green ~$19800 level,” he wrote in a tweet about the upcoming monthly candle close.
Rekt Capital added that a close below that green line would mean an exit from the monthly range in place since late 2020.
Discussing when the bear market of 2022 could end, opinions differed over the use of data from previous halving cycles.
Related: More ancient Bitcoin leaves its wallet after 10-year hibernation
Uploading a comparative chart, Luke Martin, host of the STACKS Podcast, noted that it had been 322 days since Bitcoin’s last all-time high of $69,000.
After the 2017 prior all-time high, BTC/USD spent 364 days in a bear market, suggesting that the end could be due if history were to repeat itself.
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