Bitcoin Price Eyes Crucial Support Level Ahead of Key Data Releases
Bitcoin (BTC) is facing a challenge to preserve its recent gains as it cools down after reaching its highest weekly close since late January at $84,450.
The BTC price dropped to one-week lows of $82,557 on Sunday due to liquidity shifts on exchange order books. The 70% odds of a 0.25% Fed interest-rate hike in October are still favoring further hikes through the end of the year.
According to analysis by Rekt Capital, Bitcoin must defend the $82,500 level to repeat its 2022 bear-market recovery pattern. This level is analogous to the top of the 2022 Accumulation Pattern and failure to turn it into support may result in a reversion back into the $60k-$80k range.
The coming week will feature two key candle closes, the monthly close for September and the Q3 quarterly close. These levels are significant as they lie above or below current spot prices and the cost basis for various investor groups.