Bitcoin’s $62,000 price support is under intense scrutiny, as it could determine the next major market shift. On September 24, Bitcoin hovered around $63,000, with traders closely monitoring whether this key BTC price support will hold. Analysts warn that a break below $62,000 could trigger significant selling pressure, while bulls remain focused on defending this crucial level to maintain control of Bitcoin’s trend.
The ongoing battle for BTC price support at $62,000 is more than just a number. According to Cointelegraph Markets Pro and Tradingview shows that this price level is a critical liquidity zone that could determine whether Bitcoin sees further upside or faces a potential retracement.
As Skew, a well-known crypto trader, summarized in a recent X post, Bitcoin’s price is “pinned” between two liquidity blocks: $62,000 on the downside and $65,000 on the upside. This setup has created a standoff between bulls and bears, both eyeing control of the BTC price support levels.
Expect shenanigans later,” Skew remarked, signaling that volatility could soon hit the market. The current flat trading conditions won’t last long, and as the price remains wedged between these liquidity zones, traders are bracing for a decisive move.
Bears Running Out of Time to Break BTC Price Support
With Bitcoin bulls holding BTC price support at $62,000, some experts believe bears are running out of time to push prices lower. Analyst Mayne shared a longer-term perspective, uploading how Bitcoin has been forming lower highs and lower lows since March’s peak at $73,800. However, Mayne notes that the recent action suggests a possible reversal.
Each of the last pumps retraced fully, but this time we’re coming off a potential higher low,” Mayne stated. The implication is clear: if bulls maintain BTC price support at $62,000, the price trend could flip bullish.
Bears, however, have one last opportunity to break the BTC price support level and drive prices lower. According to Skew, the $64,000 to $65,000 range is the expected area for bears to make their move. “So far, this is the area where bears need to act if they’re going to drive Bitcoin back down,” Skew explained that If bears fail to capitalize on this window, BTC price support could solidify, propelling Bitcoin toward new highs.
The Puell Multiple: A Bullish Signal for BTC price support
In addition to the technical levels of BTC price support, a key on-chain metric is flashing a bullish signal for Bitcoin. The Puell Multiple, which measures miner profitability relative to Bitcoin’s price, recently hit the “green” zone for the first time since the end of the 2022 bear market. This is a rare occurrence and often signals a macro price bottom for Bitcoin.
Data from CyptoQuant shows that the Puell Multiple entering the green zone has historically been followed by significant price increases. “When the green zone is reached, it’s often a strong long reversal signal,” noted CryptoQuant contributor Darkfost in a blog post. The fact that this signal has appeared while BTC price support is holding at $62,000 is a promising sign for the bulls.
As the Puell Multiple continues to hover in the green zone, it suggests that the worst of Bitcoin’s price struggles may be over. If this indicator is correct, Bitcoin could be poised for a rebound, further reinforcing the importance of holding the BTC price support at $62,000.
Looking ahead, traders are excited about the possibility of “Uptober,” a term used by the crypto community to describe Bitcoin’s historically strong performance in October. Many believe that if BTC price support holds at $62,000 through the end of September, the stage will be set for a rally in the coming month.
As Mayne noted, the bulls have a clear path forward if they can maintain BTC price support: “Uptober is looming, and it should be exciting.” With a potential higher low forming and the Puell Multiple flashing bullish, all eyes are on the $62,000 mark. If Bitcoin can defend this level, the chances of an October breakout increase significantly.
At the same time, volatility could return to the market in the coming days, as traders anticipate a big move. Whether that move is to the upside or downside depends on the battle for BTC price support.
The importance of BTC price support at $62,000 cannot be overstated. It’s a critical level that will determine Bitcoin’s next move. As bulls and bears gear up for a final tug of war, traders are paying close attention to this key support zone.
If bulls successfully defend the BTC price support level, Bitcoin could see further upside in the coming weeks, possibly setting new highs. On the other hand, if bears manage to break below $62,000, it could trigger a broader sell-off, leading to increased downward pressure.
Ultimately, the outcome of this battle will have a significant impact on Bitcoin’s price trajectory. As traders brace for what’s next, one thing is clear: BTC price support at $62,000 is the level to watch. Get more from The Bit Gazette.
