Bitcoin Shows Positive Outlook as Bulls Refuse To Give Up

• The price of bitcoin is having trouble breaking over the $27,800 range.
• Bitcoin has historically fared well in the month of October during the last decade.

According to market researcher Rekt Capital, there is one more significant downturn on the cards before the next halving occurs, since Bitcoin’s price behavior in 2015 and 2019 both indicated substantial falls at this time.

In a follow-up post, the analyst said that he intends to dollar-cost-average into Bitcoin for the duration of the Pre-Halving time frame, anticipating a parabolic upward move immediately after the halving.

Bitcoin has historically fared well in the month of October during the last decade. Bitcoin’s value rocketed by 39.93% in 2021, after a significant gain of 27.7% in 2020. Looking back even farther to October of 2017, we see a positive spike of 47.81% at month’s end.

Bulls Striving Hard

At the time of writing, BTC is trading at $27,630, up 0.17% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 10.88%. Despite the recent pullback, the price is up 2.03% in the last 7 days and 7.46% in the last 30 days.

The price of bitcoin is having trouble breaking over the $27,800 range. After a downward correction, bitcoin price tried a new rise from the $27,200 support area. Bitcoin (BTC) has climbed back over the $27,500 resistance level at the time of writing.

If the price manages to go past $27,800 level then it will likely test $28,500 resistance level. If bulls could drive the price above this level then it will likely test the $30,490 area. On the other hand, if price breaks below $27,280 level, then it will likely decline and test $26,070 support level.