The king of cryptocurrencies is fragile, as it continues to trade below the psychological threshold of $110,000. The trade war between the United States and China is destabilizing the price. Is it time for Bitcoin to wake up and accelerate? Some experts believe that $BTC will not go any lower, thanks in particular to the Fed's monetary policy. Another positive point is that Bitcoin has managed to maintain a significant trendline on a weekly basis. Here is the October 22nd bulletin!

Bitcoin price stagnates over the last 24 hours

Yesterday, the Bitcoin price managed to rebound to $114,000, but then the sellers showed up. And they pushed the price below $110,000. Since then, $BTC has stagnated over the past 24 hours.

BTC has fallen by 3.6% in one week, 5.6% in one month, and 8.6% in three months. Since the beginning of the year, the king of cryptocurrencies is up by about 17%. Meanwhile, the BTC/ETH pair has risen by 2.4% in one week and 5.2% in one month.

Bitcoin price maintains the bullish trendline in place since the start of the cycle

As seen in the October 18 analysis, Bitcoin remains above the 365-day moving average. Despite Bitcoin's recent fall below the psychological threshold at $110,000, the bull run is not in question if we refer to this indicator. And this is not the only element that suggests that the king of cryptocurrencies is still in good condition to continue its rise and to mark new ATHs:

Bitcoin price continues to move beyond the bullish trendline. Source: X by @CryptoCeek 1

The Bitcoin price has generally been showing ascending weekly lows and highs (bullish momentum) since the beginning of 2023. In addition, the price is developing beyond a bullish trendline. So far, all returns to this trendline have provoked reactions from buyers.

A drop below the bullish trendline could indicate a weakening of the trend, but even recently, buyers have responded. Heading for the ATH at $126,000 ? Let's take a look at the technical situation of $ in 4H.

BTC price remains below 4H resistance at $111,000

Despite yesterday's bullish move, Bitcoin's price remains stuck below the 4H resistance level at $111,000. BTC has been making a series of ascending lows and highs since Friday's local bottom, but remains below $110,000:

Bitcoin Price vs. Dollar (4H)

To hope to regain $117,000, it will be necessary to take $111,000 as support. In case of rejection around $111,000, BTC could reach the support level at $106,000. The RSI indicator continues to rise, so momentum is strong in the short term.

Despite the decline since the peak around $126,000, Bitcoin remains beyond the bullish trendline present since the beginning of the cycle. While this is good news that allows BTC to maintain a positive trajectory, the price has not managed to return sustainably above $110,000. In this context, the memecoin sector could continue to experience difficulties.