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The total capacity on public channels of the total capacity of the Bitcoin Lightning Network exceeded 5,000 BTC for the first time.
This means greater liquidity allowing users to make faster payments and potentially higher transaction volumes. Over the past four years, the network has faced a lot of criticism, mostly from supporters of other blockchains.
The current year is a difficult one for the cryptocurrency market. However, the scaling solution continues its march upwards. This increase can be attributed, inter alia, to speculation, trading, leverage or any potential VC funded incentive that depends on the exploitation of the retail market by players.
The BTC/USD pair has been seen testing the supply zone, but the test failed and the market reversed lower again. THis supply zone is very inportant from a technical point of view, because only a sustained breakout above the levels of $20,221 - $20,580 would change the outlook to more bullish, so please keep an eye on this zone for a possible breakout towards the next target seen at $22,410. The market conditions on the H4 time frame are already neutral, so a local pull-back towards 30 periods moving average is possible. The nearest technical support is seen at $19,796 and $19,256. The swing low is seen at the level of $18,150.
WR3 - $19,869
WR2 - $19,490
WR1 - $19,335
Weekly Pivot - $19,190
WS1 - $18,955
WS2 - $18,731
WS3 - $18,351
The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.
Relevance up to 08:00 2022-10-08 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
