Despite the red-hot start to the month, the historically bullish \u201cUptober\u201d period has not particularly gone according to the expectations for the Bitcoin price. Following the market-wide downturn on October 10, the premier cryptocurrency has not been able to mount a clear recovery back to its former highs.<\/span><\/p>\n In fact, the Bitcoin price action continues to struggle under lasting bearish pressure, falling to a new low around $103,000 on Friday, October 18. With uncertainty taking over the market, investors are left wondering whether the bull run is over or the sluggish action is a minor blip.<\/span><\/p>\n According to a recent outlook, the current technical position of the BTC price could offer insight into its next step.<\/span><\/p>\n \u00a0<\/p>\n In an October 17 post on the social media platform X, Glassnode put forward<\/a> an interesting evaluation of the current Bitcoin price setup. The prominent crypto analytics firm revealed that the flagship cryptocurrency is currently sitting between two major support zones.<\/span><\/p>\n This analysis is based on the Glassnode Technical Pricing Model, a chart containing a number of technical indicators, including the Pi Cycle indicator, the Mayer Multiple, the Yearly Moving Average (MA), and the 200-Week Moving Average.\u00a0<\/span><\/p>\n According to Glassnode, the Bitcoin price is currently wedged between the Mayer Multiple ($107,400) and the Yearly MA ($99,900).<\/span><\/p>\n The Mayer Multiple (200-Day Simple Moving Average)<\/a> is a popular technical indicator often linked with the transition point between a bull and bear market. Meanwhile, the 365 Day SMA offers a long-standing baseline for high-timeframe market momentum.<\/span><\/p>\n Following the latest dip, the Bitcoin price slipped beneath the 200-day Moving Average, signaling a possible shift from a bullish market condition to a bearish one. While BTC still holds above the 365-day MA, the premier cryptocurrency needs to stay above this level to steady the current trend.<\/span><\/p>\n Ultimately, investors might want to keep an eye on the BTC price, as a break beneath the $99,900 level could spell much bigger trouble for the world\u2019s largest cryptocurrency. It is worth noting that a return to above the Mayer Multiple could be significant for Bitcoin\u2019s progression<\/a>, albeit with price resistance around the 111-day moving average (currently at $114,700).<\/span><\/p>\nBTC At Risk Of Deeper Correction If It Loses $99,900 Support<\/b><\/h2>\n
![\"Bitcoin](\"https:\/\/pbs.twimg.com\/media\/G3c8wO0WsAEsH30?format=jpg&name=4096x4096\")
Source: @glassnode on X<\/pre>\n
Bitcoin Price At A Glance<\/b><\/h2>\n
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