empty
03.10.2023 08:44 AM
Technical Analysis of BTC/USD for October 3, 2023

Crypto Industry News:

After a five-year hiatus, the account of Satoshi Nakamoto, the alleged creator of Bitcoin, suddenly came to life. In a recent post on the X app, Nakamoto suggested a desire to explore the lesser-known aspects of Bitcoin. However, there are reasonable doubts that this account actually belongs to a cryptocurrency legend.

In the tweet, he promised to present and explain concepts that were not clearly defined in the original Bitcoin white paper. The unexpected move renewed speculation about Nakamoto's true identity and the future of cryptocurrency.

Nakamoto called Bitcoin a "predicate machine" and suggested he would reveal various aspects of it in the coming months. Many of these ideas were explored in the early years of Bitcoin. His post was very popular, attracting over 4.3 million views in just a dozen or so hours. But is he really its author?

Even though Australian computer scientist Craig Wright claims to be the inventor of Bitcoin, there are still great doubts about it. Cryptocurrency lawyers like John E. Deaton dispute these claims. Deaton pointed out that while Wright may have had some involvement in the creation of Bitcoin, it is unlikely that he was the sole creator.

The uncertainty surrounding Nakamoto's identity continues to fuel speculation and discussion in the crypto community. While Wright's claims are attracting attention, the question of who really created Bitcoin remains unanswered.

Technical Market Outlook:

The BTC/USD pair has tested the key short-term technical resistance located at the level of $28,608 and reversed lower after hitting the upper channel line during the extremely overbought market conditions on the H4 time frame chart. The next target for bulls is seen at the level of $28,687 and $28,800, however, currently it is a time for a correction. The intraday technical support is seen at $27,270. The strong and positive momentum supports the short-term bullish outlook for BTC, but currently is pulling back from the extremely overbought market conditions.

This image is no longer relevant

Weekly Pivot Points:

WR3 - $28,708

WR2 - $28,340

WR1 - $28,158

Weekly Pivot - $27,972

WS1 - $27,790

WS2 - $27,605

WS3 - $27,237

Trading Outlook:

The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

US crypto regulation bill moves ahead rapidly

US lawmakers are moving swiftly on legislation aimed at regulating digital assets. Votes on a stablecoin bill and a revised version of the broader cryptocurrency market structure bill are expected

Jakub Novak 10:52 2025-03-27 UTC+2

BTC/USD Analysis. March 27th. Bitcoin lacks growth potential

The wave structure on the 4-hour chart of BTC/USD is quite clear. After completing a bullish trend composed of five full waves, a corrective downward phase has begun, currently taking

Chin Zhao 08:31 2025-03-27 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 27

Bitcoin and Ethereum are facing challenges in maintaining their upward momentum. However, this appears to be more of a reaction to Donald Trump's latest political statements—which have

Miroslaw Bawulski 08:06 2025-03-27 UTC+2

Technical Analysis of Intraday Price Movement of Filecoin Cryptocurrency, Thursday March 27, 2025.

By successfully breaking below the lower line of the Rising Wedge channel of the Filecoin cryptocurrency on its 4-hour chart and its price movement is now stuck

Arief Makmur 06:55 2025-03-27 UTC+2

Technical Analysis of Intraday Price Movement of Ethereum Cryptocurrency, Thursday March 27, 2025.

If in the next few days there is no significant strengthening, especially if it breaks through and closes above the level of 2549.05 on the daily chart of the Ethereum

Arief Makmur 06:36 2025-03-27 UTC+2

Bitcoin hovering before spike above $90,000

While you're mulling over whether to buy Bitcoin or not, the world's largest asset management leader, BlackRock, is actively increasing its ETH holdings for its tokenized fund, BUIDL. This move

Jakub Novak 09:39 2025-03-26 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 26

Bitcoin and Ethereum continue to show active growth but face challenges in overcoming major resistance levels. Yesterday, Bitcoin pulled back after reaching $88,400 and is currently trading around $87,600. Ethereum

Miroslaw Bawulski 08:22 2025-03-26 UTC+2

Why Bitcoin's fall not over yet

Despite the recent growth of the cryptocurrency market, larger upward prospects and a return of Bitcoin to the $100,000 mark remain unrealistic for now. This is evidenced by data from

Jakub Novak 10:00 2025-03-25 UTC+2

Trading Recommendations for the Cryptocurrency Market on March 25

Bitcoin and Ethereum have reached significant levels but failed to hold them. Bitcoin climbed to $88,600 before pulling back and now trades around $86,600. Ethereum also corrected after another failed

Miroslaw Bawulski 08:26 2025-03-25 UTC+2

Bitcoin and Ethereum show signs of revival

Bitcoin and Ethereum are back in recovery mode after traders took a pause over the weekend. While the latest movement hints at a return of bullish sentiment, it is still

Jakub Novak 12:27 2025-03-24 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.