Bitcoin’s Key Level 🔑 – $114K Holds the Gate to Bullish Momentum
Bitcoin has failed to reproduce its July bullishness in the following two months after a strong third quarter. Only two weeks remain until the flagship cryptocurrency makes a prolonged push to new highs.
However, the impending “Uptober” season appears to be giving the market confidence, with many anticipating the Bitcoin price to rise in the next weeks. The latest on-chain data shows a vital threshold for the market leader to maintain its upward tilt.
Why Bitcoin Price Needs $114,500 Support
Crypto expert posted an intriguing on-chain view of the Bitcoin price on X on September 20th. As long as BTC stays over $114,500, the internet pundit expects it to continue its bull run.
This review uses the Volume-Weighted Average Price (VWAP) band, which measures Bitcoin's average price weighted by trading volume. Two upper and lower bands provide dynamic support and resistance for the asset price.
The 14-day VWAP band is absorbing Bitcoin's selling pressure. The market leader has substantial support around $114,500.
The on-chain expert said the top cryptocurrency would certainly rise as long as price stays over $114,500. According to Adler Jr., the base-case scenario is sustained short absorption and consolidation with an upward tilt if price stays above VWAP and avoids the bottom part of the bands −1/−2.
Which has plummeted to 32.5 around quarterly negative pressure. The on-chain expert said the Bitcoin spot market remains resilient.
Investors will need to see whether this resiliency leads to substantial gains in the coming weeks.
