{"id":496454,"date":"2022-09-27T21:33:44","date_gmt":"2022-09-27T18:33:44","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-fails-to-hold-20k-again-but-there-is-a-silver-lining\/"},"modified":"2022-09-27T21:33:44","modified_gmt":"2022-09-27T18:33:44","slug":"bitcoin-price-fails-to-hold-20k-again-but-there-is-a-silver-lining","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-fails-to-hold-20k-again-but-there-is-a-silver-lining\/","title":{"rendered":"# Bitcoin price fails to hold $20K again, but there is a silver lining"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3ec60a16914\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3ec60a16914\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-fails-to-hold-20k-again-but-there-is-a-silver-lining\/#%E2%80%9D_Bitcoin_price_fails_to_hold_20K_again_but_there_is_a_silver_lining_%E2%80%9C\" >&#8221; Bitcoin price fails to hold $20K again, but there is a silver lining &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-fails-to-hold-20k-again-but-there-is-a-silver-lining\/#There_is_a_silver_lining\" >There is a silver lining<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_price_fails_to_hold_20K_again_but_there_is_a_silver_lining_%E2%80%9C\"><\/span>&#8221; Bitcoin price fails to hold $20K again, but there is a silver lining &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-6ebd806f>Markets briefly flashed green on Sept. 27 as equities markets bounced back from Sept. 26\u2019s pullback, bringing the Bitcoin (BTC) price back to the long-term descending trendline resistance, which currently resides at $20,100.\u00a0<\/p>\n<p>Unfortunately for bulls, the positive momentum for stocks and cryptocurrencies rapidly eroded and Bitcoin price gave up a majority of the intraday gains as it slipped back below $19,000. <\/p>\n<p>As has been the case since March 25, BTC price has been unable to kick above the resistance for more than a few hours and the Sept. 27 breakdown at the trendline continues the trend of successive bear flags that see a continuation to the downside. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-09\/e36b4ca2-ca9d-48e7-8b41-df874d8db498.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>According to Arcane Research, Bitcoin\u2019s tight rally above $20,000 is relatively insignificant, given that futures premiums are still low and it \u201ccontributes little to improving the market risk <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>etite.\u201d <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-09\/4019e735-8b9e-451c-8bc3-14e2ac56c3bf.png\"><figcaption style=\"text-align: center;\"><em>BTC perpetual contract funding rate versus Bitcoin price. Source: Arcane Research<\/em><\/figcaption><\/figure>\n<p>Additional data from Arcane Research <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/arcane.no\/research\/funding-rates-neutral-open-interest-to-new-highs?utm_source=substack&amp;utm_medium=email\">shows<\/a> funding rates flipping neutral for the first time since Sept. 13, but <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly, traders are reluctant to add longs, given the concerns over macro challenges and the continuous threat of unfriendly crypto regulation. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"There_is_a_silver_lining\"><\/span>There is a silver lining<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As mentioned in previous analysis, despite the breakouts and breakdowns, BTC price is simply trading within the exact same $24,300 to $17,600 range of the past 103 days. To date, a catalyst to set off a breakdown below swing lows or to push price above resistance and confirm the former hurdle as support has yet to occur. <\/p>\n<p>Fortunately, it\u2019s not all doom and gloom for Bitcoin. A positive bit of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> comes from on-chain analytics provider Glassnode, who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-39-2022\/\">noted<\/a> that more mature investors have decided to hunker down and hold their positions rather than sell at the current price. <\/p>\n<p>According to the Revived Supply 1+ Years metric, an indicator that tracks the \u201ctotal amount of coins that come back into circulation after being untouched for at least 1 year,\u201d the flow of latent supply shifting back into the active supply pool is \u201cextremely low.\u201d <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-09\/0e4efd50-4ded-4b42-afbf-96b93550d6d5.png\"><figcaption style=\"text-align: center;\"><em>Revived Supply 1 year+ Z Score. Source: glassnode<\/em><\/figcaption><\/figure>\n<p>The compression in mature spending seen in the last stages of the 2018 bull market is not present during the most recent revisits below $20,000, suggesting that long-term holders are well accustomed to volatility and unwilling to sell at the current prices. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-09\/d39ad681-206c-4582-8641-37408e918325.png\"><figcaption style=\"text-align: center;\"><em>Revived Supply 1 year+ Z Score. Source: glassnode<\/em><\/figcaption><\/figure>\n<p>Given that BTC is 72% down from its all-time high and a portion of investors expect prices to crumble toward $10,000 in the next unexpected capitulation event, one could interpret the lack of panic selling from mature investors as positive. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.<\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-fails-to-hold-20k-again-but-there-is-a-silver-lining\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin price fails to hold $20K again, but there is a silver lining &#8220; Markets briefly flashed green on Sept. 27 as equities markets bounced back from Sept. 26\u2019s pullback, bringing the Bitcoin (BTC) price back to the long-term descending trendline resistance, which currently resides at $20,100.\u00a0 Unfortunately for bulls, the positive momentum for&#8230;<\/p>\n","protected":false},"author":1,"featured_media":496455,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvMWIyYzQwZGItZjY5OS00OGU4LTg2YzgtM2ZiMzFhYjZkMGY0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74982,74863,74939,73785],"class_list":["post-496454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-btc-markets","tag-cryptocurrencies","tag-market-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/496454","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=496454"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/496454\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/496455"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=496454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=496454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=496454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}