A sideways trend has taken over the crypto market, especially for prominent cryptos like Bitcoin (BTC) and [Ethereum (ETH)](https://coingape.com/ethereum-negative-funding-rates-signal-short-squeeze-ahead/?utm_source=24hrsupdateall).Following last week’s rejection from highs above $25,000, [Bitcoin price has struggled to stay above $26,000 support](https://coingape.com/bitcoin-price-prediction-as-correlation-with-us-dollar-index-hits-zero-bullish-or-bearish/?utm_source=24hrsupdatebitcoin).This relatively trendless market can be attributed to the lack of liquidity and disinterest from retail investors who fear having to capitulate if declines rally below $25,000 support.The Bullish Outlook In Bitcoin Price The daily chart shows the formation of a rectangle pattern likely to validate a bullish breakout to $37,746.However, with the market structure still weak, another minor deep to confirm support of $25,000 and collect liquidity is required before the rectangle breakout.The 200-week Exponential Moving Average (EMA) (purple) is in line at $56,606 to absorb most of the selling pressure and limit the need for [Bitcoin price](https://coingape.com/price/bitcoin/) to stretch the down leg lower below $25,000.Analysts and traders have conflicting views over the [next direction Bitcoin is likely to take](https://coingape.com/bitcoin-price-news-btc-crypto/?utm_source=24hrsupdatebitcoin).For instance, Rekt Capital, followed by over 353k people on X (formerly Twitter) recently opined that “BTC is positioned for a weekly close above ~$26,000 but below the bull market support band where price is rejecting.” Recommended Articles [#BTC]is positioned for a Weekly Close above ~$26,000 but below the Bull Market Support Band where price is rejecting Could the Bull Market Support Band soon reject price back to ~$26k for a retest attempt? If so, that would be a pivotal retest [$BTC] [#Crypto] [#Bitcoin] [pic.twitter.com/fDPk4KabJR] — Rekt Capital (@rektcapital) [September 17, 2023] In another update, the trader added that “Bitcoin has since dropped (to $26,000 support).
However, that doesn’t change the possibility of potential upside wicking beyond the Lower High resistance in the event of a 2019-style October return of +10% next month.” “It just changes the peak price point of such a move which would be ~$28710 from current prices.” Historically, August and September are months characterized by the lowest liquidity but according to Rekt Capital, “October tends to be a very positive month for Bitcoin.” Nevertheless, there are a lot of similarities between 2019 and 2023 based on the table shared on X by Rekt Capital which implies that Bitcoin price may manage to rally by 10% only in October to $29,200.In such a case, traders can expect BTC to form a long wick above the resistance shown on the chart in yellow before rolling back and confirming the move as a relief rally.A glance at the weekly chart shows Bitcoin price below two of the bull market’s moving average indicators; the 21-week EMA (red) and the 100-week EMA (blue) and above the 200-day EMA.This negative sentiment coupled with a sell signal from the Moving Average Convergence Divergence (MACD) may confirm the sweep through support at $25,000 ahead of the run-up toward $30,000.Invalidating The Bullish Market Sustained movement below the primary support at $25,000 would do a lot of damage to the anticipated bull market.Investors are likely to sell in panic and add to the selling pressure.A minor sweep below $25,000 could develop into a full-blown sell-off to $22,000 and if push comes to shove retest $20,000 before another significant recovery begins to play out.Related Articles [Amazon Just Did A Big Favor to FTX Creditors, Details](https://coingape.com/amazon-just-did-a-big-favor-to-ftx-creditors-details/?utm_source=24hrsupdateall) [Shiba Inu Team Signals Minting of BONE Token Almost Complete](https://coingape.com/shiba-inu-team-signals-minting-of-bone-token-almost-complete/?utm_source=24hrsupdateall) [Is Tether Revising Its Policy In Singapore? Know Here](https://coingape.com/is-tether-revising-its-policy-in-singapore-know-here/?utm_source=24hrsupdateall) [Russian Actor Loses Over $250k To Crypto Scam](https://coingape.com/russian-actor-loses-over-250k-to-crypto-scam/?utm_source=priceanalysisbar) [Shiba Inu Price Prediction: SHIB Holds Still Above $0.
7, Are Bulls Buying?](https://coingape.com/shiba-inu-price-prediction-shib-holds-still-above-0- 7-are-bulls-buying/?utm_source=priceanalysisbar) [Bitcoin Price Prediction: Will BTC Soar To $30k In October From This Support?](https://coingape.com/bitcoin-price-prediction-will-btc-soar-to-30k-in-october-from-this-support/?utm_source=priceanalysisbar) [Breaking: MicroStrategy Scoops Up 5,445 Bitcoin](https://coingape.com/breaking-microstrategy-scoops-up-5445-btc/?utm_source=priceanalysisbar) [Shiba Inu Team Signals Minting of BONE Token Almost Complete](https://coingape.com/shiba-inu-team-signals-minting-of-bone-token-almost-complete/?utm_source=priceanalysisbar) [Pepe Coin Price Prediction: $PEPE Poised for 18% Jump Despite Market Downturn](https://coingape.com/markets/pepe-coin-price-prediction-pepe-poised-for-18-jump/?utm_source=priceanalysisbar) [Dogecoin Price Prediction: Is $DOGE Price Ready to Regain $0.07 Mark?](https://coingape.com/markets/dogecoin-price-prediction-will-doge-price-recovery-hit-0-7/?utm_source=priceanalysisbar) [Crypto Prices Today: Pepe Coin and Shiba Inu Dips 2%, While XRP Rally Resumes](https://coingape.com/markets/crypto-prices-today-pepe-coin-and-shiba-inu-dips-2-while-xrp-rally-resumes/?utm_source=priceanalysisbar) [Terra Classic Price Prediction: What’s Ahead For $LUNC After Reclaiming $0.00006 Mark?](https://coingape.com/markets/terra-classic-price-prediction-whats-ahead-for-lunc-after-reclaiming-0-00006-mark/?utm_source=priceanalysisbar) [Ethereum Price Prediction: What’s Next, $1500 Or $1700?](https://coingape.com/markets/ethereum-price-prediction-next-1500-1700/?utm_source=priceanalysisbar).
