Despite the red-hot start to the month, the historically bullish “Uptober” period has not particularly gone according to the expectations for the Bitcoin price. Following the market-wide downturn on October 10, the premier cryptocurrency has not been able to mount a clear recovery back to its former highs.
In fact, the Bitcoin price action continues to struggle under lasting bearish pressure, falling to a new low around $103,000 on Friday, October 18. With uncertainty taking over the market, investors are left wondering whether the bull run is over or the sluggish action is a minor blip.
According to a recent outlook, the current technical position of the BTC price could offer insight into its next step.
This analysis is based on the Glassnode Technical Pricing Model, a chart containing a number of technical indicators, including the Pi Cycle indicator, the Mayer Multiple, the Yearly Moving Average (MA), and the 200-Week Moving Average.
According to Glassnode, the Bitcoin price is currently wedged between the Mayer Multiple ($107,400) and the Yearly MA ($99,900).
Following the latest dip, the Bitcoin price slipped beneath the 200-day Moving Average, signaling a possible shift from a bullish market condition to a bearish one. While BTC still holds above the 365-day MA, the premier cryptocurrency needs to stay above this level to steady the current trend.
As of this writing, Bitcoin is valued at around $106,427, reflecting an almost 2% price drop in the past 24 hours.
