Bitcoin traders will be watching the weekly close volatility of the $27K BTC price on the radar
Bitcoin (BTC) entered a new weekly close on October 15 as “extremely dull” trading conditions still offer hope for a breakthrough of $27,000.
“Extremely boring” BTC price may yet surprise at weekly close.
Data from Cointelegraph Markets Pro and TradingView tracked a typically sideways weekend, with no BTC price volatility before the close.
Still operating around the key $26,800 mark, Bitcoin denied traders major signals while spot markets remained quiet.
$BTC is the typical weekend algos hunt for exposure to CME Futures opens around 12pm today and will open weekly tomorrow.
So far no significant flow for this weekend, one place buyer and buyer only ~ may be algo pic.twitter.com/z38tKoozK3
— Skew Δ (@52kskew) October 15, 2023
Michael van de Pop, founder and CEO of MN Trading, argued that there is room for a BTC price trip to $27,800, given the upside potential.
“It's a very boring weekend for business, especially for Bitcoin,” he told X subscribers earlier in the day.
“Unchanged outlook. It made a double-bottom test at $26,500 and held there. Currently fighting resistance, another test at $27,000 should close at $27,800.”
Renowned trader and analyst Diane CryptoTrades sees the upcoming weekly candle below the “bull market support band” formed by the two moving averages.
“As we trade in the area, there's been no convincing top and bottom for a few weeks yet,” said the X Commentary.
Further analysis predicts increased volatility at the end of the day, with the latest CME Group Bitcoin futures price closing at around $26,840.
#Bitcoin Pretty straightforward weekend.
Expecting some volatility and volume to pick up in the next few hours as we look to see Sunday afternoon. pic.twitter.com/oNyIaWiZx8
— Dan Crypto Trades (@DanCrypto) October 15, 2023
The Bitcoin adoption curve model calls for support at $27,000
$27,000 and above at the end of the week created a focus that could be long-term support.
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This comes from Timothy Peterson, founder and investment manager at Can Island Alternative Advisors, who sees the importance of the BTC price level going forward.
Thanks to the relationship between price and adoption, $27,000 should be the benchmark that remains supported 75% of the time by the end of 2023.
“Bitcoin price spends 75% of its time above the adoption curve. That curve will reach $27,000 in 60 days,” he wrote on X with a chart.
In August, Peterson predicted a 15% BTC price drop in October, which should hit $100,000 in the next three years.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.