{"id":54150,"date":"2022-10-21T12:25:35","date_gmt":"2022-10-21T10:25:35","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=54150"},"modified":"2022-10-21T12:25:35","modified_gmt":"2022-10-21T10:25:35","slug":"bitcoin-price-action-dull-btc-consolidates-in-a-1-5k-range","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/bitcoin-price-action-dull-btc-consolidates-in-a-1-5k-range\/","title":{"rendered":"Bitcoin Price Action Dull, BTC Consolidates in a $19.5k Range"},"content":{"rendered":"

The world’s most valuable cryptocurrency <\/span>remains under immense pressure at press time, reading from the formation in the daily chart.<\/span><\/p>\n

<\/p>\n

For the third day running, <\/span>the coin posted lower lows<\/strong>, shrinking from around $19.5k<\/strong> of early this week to briefly dropping below $19k<\/strong>, trackers on October 21 shows. Technically, <\/span>Bitcoin is bearish<\/strong> and within a bear breakout formation following losses below the ascending channel of late September and early October 2022.<\/p>\n

As long as Bitcoin prices are trading below $20.5k, sellers will have the upper hand. This formation is notwithstanding the rejection of lower prices, as the October 13 bull bar reveals. In the days ahead, <\/span>traders are watching closely how prices react at $20.5k<\/strong> on the upper end and $18k<\/strong> marking October 2022 lows.<\/p>\n

Tesla Maintains their BTC Stash<\/b><\/h2>\n

The failure of Bitcoin prices to expand from spot rates is amid news that <\/span>Tesla<\/b>, the world’s largest manufacturer of electric cars, <\/span>still holds their BTC stash from Q2 2022.<\/b><\/p>\n

Earlier, Tesla revealed that they had dumped 75 percent of their initial Bitcoin holdings<\/strong> to unlock cash due to uncertainties related to the COVID lock-down in China.<\/span><\/p>\n

That <\/span>Tesla continues<\/a> to hold BTC amid the biting bear market<\/strong> and Elon Musk’s conversation about acquiring the social media giant, Twitter, should be a confidence boost.<\/strong><\/p>\n

Traders are overly apprehensive and adopting a wait-and-see approach as they wait for a clear trend definition that could either see BTC plunge or soar in a welcomed rebound.<\/span><\/p>\n

Bitcoin Technical Analysis<\/b><\/h2>\n

\"Bitcoin-BTC-Daily-chart-for-October-21\"<\/p>\n

Besides the wide trade range of October 13, <\/span>BTC prices are comparatively in a tight trade range, reading from the BTCUSDT formation in the daily chart.<\/span><\/p>\n

Bitcoin is in a $19.5k<\/strong> trade range with caps at $19k<\/strong> and $20.5k<\/strong>, with the lows of October 13 at $18.2k<\/strong> being the outlier. <\/span>Even so, the path of least resistance is southwards from a top-down perspective.<\/p>\n

Presently, there are hints of strength<\/strong>. This will come true if there are gains above $20.5k, confirming gains of October 13, and thus, buyers from a top-down preview.<\/span><\/p>\n

As it is, <\/span>conservative traders can wait for a clean, convincing breakout.<\/b> Gains above $20.5k, as reiterated, would see BTC flourish, expanding to $23k. If not, dips below $18k may force the coin to new 2022 lows below $17.5k.<\/strong><\/span><\/p>\n

Technical charts courtesy of\u00a0<\/em><\/strong>Trading View.<\/em><\/strong><\/a><\/p>\n

Disclaimer:\u00a0<\/strong>Opinions expressed are not investment advice. Do your research<\/em>.<\/p>\n

\n

If you found this article interesting, here you can find more\u00a0\u00a0Bitcoin news.<\/a><\/em><\/strong><\/p>\n

\n","protected":false},"excerpt":{"rendered":"

Bitcoin prices remain in range, moving lower as BTC bulls fail to shake off determined sellers. This is despite supportive fundamentals.<\/p>\n","protected":false},"author":11,"featured_media":53481,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[74,87],"tags":[4602,4610,5457],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/54150"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=54150"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/54150\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/53481"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=54150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=54150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=54150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}