

After defying expectations in September, Bitcoin [BTC] has had a difficult start in October, a month that's usually associated with an upswing.
After a surprising September, Bitcoin [BTC] encountered a rocky start in October, a month typically known for an upswing. Hence, over the last week, BTC experienced a sharp decline.
At the time of writing, Bitcoin was trading at $61,980, registering a 5.41% decrease on the weekly chart. The bearish trend further extended by 0.34% on the daily chart.
Prior to this decline, BTC had been on an upward trajectory, rising by 9.87% on the monthly chart.
Now, this decline from BTC’s recent highs sparked questions on whether the coin will continue an uptrend, especially after a recent downtrend.
In light of this, renowned crypto analyst Rekt Capital suggested a potential rally, highlighting a 21-week bull market EMA.
What market sentiment reveals
In his analysis, RektCapital stated that 21-week EMA has been retested as support successfully.
As BTC holds above this level, it confirms that the market sentiment remains bullish, indicating that buyers are entering the market and price action is favoring the upside.
According to this analysis, BTC has broken above a downtrend line that acted as resistance for months. Such a move is a bullish signal, suggesting the conclusion of the downtrend and a potential shift in momentum.
Hence, a strong close above the 21-week EMA and a confirmed breakout from the multi-month downtrend would signal further upward momentum, especially after a bullish weekly close above $62-$63k.
What Bitcoin’s charts have to say
The analysis provided by RektCapital certainly painted a promising picture for BTC, so it was crucial to assess what other market indicators were suggesting.
The first indicator to consider is Bitcoin’s MVRV Long/Short Diff, which shifted from a downtrend to an uptrend.
After declining in the days prior, the MVRV Long/Short Diff began to rise on the 4th of September.
This suggests that long-term holders are becoming more confident in their positions and less likely to sell, as they are already in profit. As the difference rises, it indicates that long-term holders believe in the upside.
Next, the Fund flow ratio has been declining for the past six days, despite market downturns. This suggests that investors are depositing less BTC into exchanges to sell, opting instead to store it in private wallets.
Such market behavior is indicative of accumulation, as investors anticipate further gains.
Finally, Bitcoin’s Funding Rate Aggregated by Exchange remained largely positive throughout the week, suggesting that investors are taking long positions in anticipation of future price gains.
Read Bitcoin’s [BTC] Price Prediction 2024-2025
In essence, BTC has been trading sideways over the last few days, with investors ramping up accumulation while others take long positions. Such a move suggests that the market is positioning itself well for further gains.
If market sentiment holds, BTC will attempt to test the $62,785 resistance in the near term.
The above is the detailed content of Bitcoin (BTC) Price Prediction: Will the Bulls Regain Control as the Market Sentiment Remains Bullish?. For more information, please follow other related articles on the PHP Chinese website!

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