Bitcoin (BTC) Price Analysis for October 5

The bears’ influence is still relevant, according to CoinStats.

BTC/USD

The rate of Bitcoin (BTC) has increased by 0.24% over the last 24 hours.

Despite today’s rise, BTC is looking bearish on the hourly time frame. The price has broken the recently formed support level of $27,560. If the daily bar closes below it, the drop is likely to continue to the $27,000 area.

Bulls have once again failed to keep the rise going after a bullish candle closure. However, none of the sides has seized the initiative yet.

In this case, sideways trading in the area of $27,000-$28,000 is the more likely scenario until the end of the week.

A similar picture can be seen on the weekly time frame. The volume is low, which means that there are high chances of seeing a consolidation of BTC with no sharp moves. Buyers may start thinking about a possible midterm reversal only if the rate gets back to the $29,000 area and fixes above it.

Bitcoin is trading at $27,593 at press time.

Source