Traders Bitcoin Bears Await BTC Price Support at 62K

Bitcoin approached the $63,000 mark on September 24, with analysts noting that bears were running out of time to stop the upward momentum of BTC’s price. The market remained relatively flat, but traders anticipated that volatility would soon pick up. Skew, a trader, mentioned that the spot price of Bitcoin was “pinned” between two liquidity blocks, with one at $62,000 and the other at $65,000. Another trader, Mayne, pointed out that the long-term trend of lower highs and lower lows could be breaking down with a new higher low. It was crucial for the price to hold at $62,000 if bears temporarily gained control. In a positive development, Bitcoin’s Puell Multiple indicator entered its key “green” zone for the first time since the end of the 2022 bear market on September 11, signaling a potential macro price bottom. This return to the bottoming range had been eagerly anticipated by market participants. However, it is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.