In an unexpected move, Bitcoin seems to have delayed its parabolic move to higher prices as it corrected from the all-time high of $126,000 to trade just above $121,000. Now, the coin has entered a critical decision point.
According to analysis on 9 October, Bitcoin is trading in a tight range from which it will break out either to the upside or downside.
A key defining moment
Bitcoin has been trading between $121,000 and $123,000 in the last 24 hours and seems unable to break to higher prices like it did a few days ago.
According to a crypto analyst known on X as The Crypto Express, the coin is consolidating in a descending triangle and has the 100-day moving average serving as support.
On the other hand, the 50-day moving average is standing as resistance against an upward price movement.
The descending triangle in question serves as a critical decision point for Bitcoin, out of which it can break upward or downward.
Factors that can determine the direction Bitcoin goes from here are institutional demand and investor sentiment. So far, this sentiment has been quite positive.
For example, the inflow into Bitcoin ETFs has been consistently high, meaning investors are still holding positive sentiment around the coin. BlackRock’s ETF inflow alone has reached $3.5 billion this week.
With such investor confidence and inflow, Bitcoin can be strong enough to subdue the resistance and break upward from this tight range.
New all-time highs coming
If Bitcoin manages to break upward, it could finally be on the way to the new all-time highs that have been in view.
Several analysts have predicted new price levels for Bitcoin, with the boldest one being $250,000 for in 2025 as gold reached its highest price in history.
What do you think?
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