BTC market week ended with a price rebound from the critical level of $40,700. During the week, sellers tried three times to take control of this mark.

<img class="alignnone" src="https://s3.tradingview.com/snapshots/n/NdNXiVq0.png" alt="BTC" width="1700" height="1072" />

<a href="https://www.tradingview.com/x/NdNXiVq0/">https://www.tradingview.com/x/NdNXiVq0/</a>

Trading volumes for the <a href="https://www.cryptoknowmics.com/news/crypto-market-movers-bitcoin-btc-attempts-recovery-above-42000-only-cardano-survives-amid-china-fud/">week</a> were higher than the previous ones. Buyers managed to show their character and not allow the BTC price to close below at least the previous candle. Thus, although sellers have a certain advantage in the Bitcoin market, the situation is gradually leveling off. This trading week is very important for the Bitcoin market. Firstly, the monthly candle opens, which is still not in favor of buyers:

<img src="https://s3.tradingview.com/snapshots/e/EzSViD4x.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/EzSViD4x/">https://www.tradingview.com/x/EzSViD4x/</a>
<h2>BTC Monthly Candle Hints At The Continuation Of The Market Correction</h2>
On the chart, we see that closing the monthly candle below the $40,700 mark will open all doors to sellers until the fall continues with the $31,000 target. This will mean that by the end of the year, the cryptocurrency market will be in an uncomfortable correction for investors.

Secondly, even closing the monthly candle above the $40,700 mark will not guarantee the completion of the correction in the BTC market. Pay attention to the two previous weekly Bitcoin candles. After a confident fall candle, we saw a passive candle of buyers who could not give a decent response to the blow. Immediately after this weakness, sellers took another step. If this week the situation continues and buyers will not be able to aggressively respond to sellers and raise the price to at least $46,000 — the first October week has every chance to be red.
<h2>Bitcoin Technical Analysis on the Daily Timeframe</h2>
<img src="https://s3.tradingview.com/snapshots/i/I8aenwye.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/I8aenwye/">https://www.tradingview.com/x/I8aenwye/</a>

Analyzing the BTC price movement on the daily timeframe, we see that near the mark of $40,700 trading volumes are growing significantly. Note that all attacks by sellers near this mark took place exclusively on increased volumes. In addition, on 24 and 26 September, buyers were not even allowed to close the price around the mark of $40,700. On 21 August, sellers looked more aggressive and confident. The balance of power in the cryptocurrency market is changing locally.

However, the BTC price is still within the correction channel of the fall. We will confidently say that the correction, which began on 7 September, is completed after buyers take control of the $44,200-$44,800 range. Breaking this range up and retest will be a powerful signal to start a new local growth wave with a target of $54,500 and a final $64,000.

BTC Technical Analysis: Correction Ending Is Possible After Price Fixes Above $44,800

Secondly, even closing the monthly candle above the $40,700 mark will not guarantee the completion of the correction in the BTC market.

Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

BTC Technical Analysis: Correction Ending Is Possible After Price Fixes Above $44,800

Top Picks