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Bitcoin (BTC) price has been forming a midterm reversal pattern after rallying to a daily high of around $64,082. The initial bullish outlook triggered by the Fed’s rate cut, which signaled the onset of a shift to an economic growth period, has gradually waned off.
Furthermore, short-term traders are concerned about higher volatility in the last few days of September, which has historically been a bearish month.
Nevertheless, Bitcoin’s bullish sentiments are expected to dominate in October and throughout the fourth quarter.
Old Bitcoin Miners On the Move
Earlier today, on-chain data analysis revealed that Satoshi-era Bitcoin miners activated and moved their holdings to different wallets. Specifically, 5 Bitcoin miner wallets transferred 250 BTCs, worth nearly $16 million to other unknown wallets.
While the trader could simply be making technical transfers, the activation has raised speculation of potential sell-off in the near term, which could weigh down on buyers.
Midterm Targets
In the one-hour time frame against the US dollar, Bitcoin’s price has been forming a possible reversal pattern, characterized by a double top and a bearish divergence on the Relative Strength Index (RSI). According to popular crypto analyst Ali Martinez, the TD Sequential indicator has issued a sell signal in the higher time frame.
Consequently, the crypto analysts believe it is prudent for short-term traders to take some profits before further reversal over the weekend and potentially next week.
In case of further bearish sentiment, Bitcoin price will find a solid support level around $61k, which coincides with the 0.618 Fibonacci Retracement in the 1-hour time frame.
Bigger Picture
The Bitcoin market has matured over the years to encompass nation-states led by the United States, China, El Salvador, and the United Kingdom, among others. The approval of spot Bitcoin ETFs in the United States has significantly improved the asset’s liquidity.
As a result of the mainstream adoption of Bitcoin as a haven, the underlying value will continue to follow that of Gold in a bullish outlook in the short term.