RATE Group | BTCUSD Lacks Momentum Despite Key Tailwind
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BTCUSD Lacks Momentum Despite Key Tailwind

18 Oct BTCUSD Lacks Momentum Despite Key Tailwind

Posted at 01:17h in Bitcoin News by

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Bitcoin Price Forecast:

  • Bitcoin is down more than 20% in the last month as security concerns and technical levels erode the crypto’s standing
  • The largest cryptocurrency by market capitalization remains trapped beneath its 200-day moving average, which will look to keep a lid on price
  • Despite an uptick in USDTRY, a theme that typically results in Bitcoin strength, Bitcoin has shown little bullish momentum

Bitcoin Price Forecast: BTCUSD Lacks Momentum Despite Key Tailwind

Bitcoin continues to bleed lower after its breakdown on September 24, now tracking beneath the 200-day moving average. Now, Bitcoin bulls are grasping for a bullish catalyst in an effort to stem the bleeding and retake the 200DMA. To their benefit, the recent deterioration in the Turkish Lira could serve to bolster the cryptocurrency – if history is any indication – but the theme has yet to take hold this time around.

Bitcoin Price Chart: Daily Time Frame (June – October) (Chart 1)

Bitcoin Price Chart Technical Analysis BTCUSD

As it stands,…

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