Glassnode
Bitcoin is retesting the levels it broke through in August. Holding above that zone would keep the uptrend established by the breakout in place.
Why it matters
A retest puts the breakout level to a new test: former resistance needs to hold as support for the bullish structure to remain intact. The seed does not specify the price level or the outcome of the test.
Market impact
For traders watching BTC's trend, the key signal is whether Bitcoin stays above the August breakout zone. The accompanying Week on Chain report also covers liquidation maps, year-end options and midterms data.
Frequently asked questions
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Why does Bitcoin's August breakout level matter during this retest?
The level is a reference point for the uptrend. Holding above it would keep the August breakout structure intact.
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What would holding above the breakout zone mean for BTC's trend?
It would keep the August uptrend in place, according to the seed.
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What is the main signal traders are watching in this Bitcoin retest?
Whether Bitcoin holds above the levels it broke through in August.
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What other topics does the Week on Chain report cover?
The report includes liquidation maps, options into year-end and midterms data, among other analyses.
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Does the seed say Bitcoin has already held the August breakout levels?
No. It says Bitcoin is retesting those levels and that holding above them would keep the uptrend in place.
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