Decentral Block Post

This week, the $20,000 resistance is proving to be stronger than expected and even after Bitcoin (BTC) price rejected this level on Sept. 27, BTC bulls still have reasons not to give up. 

According to the four-month-long descending triangle, as long as the $18,500 support holds, Bitcoin price has until late October to determine whether the downtrend will continue.

Bitcoin bulls might have been disappointed by the lackluster price performance as BTC has failed multiple times to break above $20,000, but macroeconomic events might trigger a rally sooner than expected.

Some analysts point to the United Kingdom's unexpected intervention in the bond market as the breaking point of the government’s debt credibility. On Sept. 28, the Bank of England announced that it would begin the temporary purchase of long-dated bonds to calm investors after a sharp yield increase, the highest since 1957.

To justify the intervention, the Bank of England stated, "were dysfunction in this market to continue or worsen, there would be a material risk to U.K. financial stability." Taking this measure is diametrically the opposite of the promise to sell $85 billion in bond holdings within 12 months. In short, the government's credibility is being questioned and as a result, investors are demanding much higher returns to hold U.K. debt.

Bitcoin (BTC) is in a “dire condition” when it comes to adoption — but a silver lining is already visible, new research says.

In the latest edition of its weekly newsletter, the Week On-Chain, crypto analytics firm Glassnode said that Bitcoin was going through a “great detox.”

Bitcoin adoption returns to March 2020

Current BTC price action is pressuring everyone from long-term holders (LTHs) to miners, and relief is hard to come by.

Macro turmoil and resistance at $20,000 is keeping BTC/USD at levels visited only once since 2020.

With this week’s push above $20,000 accompanied by major profit-taking, warnings remain that more pain is due for the market first before a recovery takes place.

Bitcoin (BTC) hit new weekly lows into Sept. 28 as risk asset drawdown continued overnight.

Trader: “First new lows” before Q4 recovery

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD falling to $18,461 on Bitstamp, down almost $2,000 versus the previous day’s high.

The change of direction came in lockstep with stocks, which turned red after initially heading marginally higher at the Wall Street open.

The S&P 500 and Nasdaq Composite Index ultimately finished the day down 0.25% and up 0.25%, respectively.

Crypto, however, failed to recoup its losses, and while hopes were for Q4 to bring about a more solid recovery, traders were betting on the pain continuing first.