Bitcoin Price Fails to Hold $20,000 Again, But There's a Silver Lining

BTC's attempt to scoop $20,000 as support failed, but on-chain data reveals a handful of positives.< /p> Market analysis

Markets briefly turned green on Sept. 27 as equity markets rebounded from the Sept. 26 pullback, bringing the price of Bitcoin (BTC) back to resistance at the long-term descending trendline, which currently sits at $20,100.

Unfortunately for the bulls, the positive momentum in equities and cryptocurrencies quickly eroded and Bitcoin price gave up the majority of intraday gains as it fell back below $19,000.

As has been the case since March 25, BTC price has been unable to break above resistance for more than a few hours and the September 27 break of the trendline continues the flags trend successive bears that see a continuation towards the downside.

BTC/USD 1-day chart. Source: TradingView

According to Arcane Research, Bitcoin's tight rally above $20,000 is relatively insignificant, given that futures premiums are still low and "contributing little to improve the risk appetite of the market".

BTC Perpetual Contract Funding Rate vs. at the price of bitcoin. Source: Arcane Research

Additional data from Arcane Research shows funding rates turning neutral for the first time since September 13, but traders are generally reluctant to add positions long, given concerns over macroeconomic challenges and the continued threat of hostile crypto regulation.

As mentioned in the previous analysis, despite the breakouts and breakouts, the price of BTC is simply trading within the same range of $24,300 to $17,600 over the past 103 days. To date a catalyst to trigger a breakdown below the swing lows or to push the price above the resistance and confirm the old hurdle as the support has yet to occur.

Fortunately, all is not bleak for Bitcoin. Good news comes from on-chain analytics provider Glassn...