Bitcoin (BTC) price is between critical technical levels, where support is important and strength could weaken.
Market research and analysis firm Glassnode highlights that Bitcoin is trading below its 200-day moving average (200DMA) at USD 107,400 and remains slightly above its 365-day moving average (365 DMA) near USD 99,900. In addition, The mid-level of 111DMA is $114,700which acts as the first resistance during rebound.
The following chart provided by the company gives a good idea of Bitcoin’s moving average levels.
As reported by CriptoNoticias, during the day this Friday, October 17th, BTC fell to USD 103,900, extending the cumulative losses of the week. Breaks through $105,000 support showed an acceleration of bearish movements This started after a rejection in the USD 114,000 area.
Glassnode points out that the current 200DMA to 365DMA range is important in defining whether the market can stabilize or not. Or go into a deeper revision stage.
On-chain analysis highlights that maintaining the 365-day average could serve as the basis for reversing the downtrend. But it’s clearly less than $100,000. The possibility of a sharper decline will increasethe technical goal is close to $95,000.
This deterioration in sentiment was also reflected in the Crypto Fear and Greed Index, which dropped to 28 points. It was the lowest price since April. A combination of technical weaknesses and growing market uncertainty are making investors wary.
