FX.co ★ Technical Analysis of BTC/USD for October 3, 2023

Crypto Industry News:

After a five-year hiatus, the account of Satoshi Nakamoto, the alleged creator of Bitcoin, suddenly came to life. In a recent post on the X app, Nakamoto suggested a desire to explore the lesser-known aspects of Bitcoin. However, there are reasonable doubts that this account actually belongs to a cryptocurrency legend.

In the tweet, he promised to present and explain concepts that were not clearly defined in the original Bitcoin white paper. The unexpected move renewed speculation about Nakamoto's true identity and the future of cryptocurrency.

Nakamoto called Bitcoin a "predicate machine" and suggested he would reveal various aspects of it in the coming months. Many of these ideas were explored in the early years of Bitcoin. His post was very popular, attracting over 4.3 million views in just a dozen or so hours. But is he really its author?

Even though Australian computer scientist Craig Wright claims to be the inventor of Bitcoin, there are still great doubts about it. Cryptocurrency lawyers like John E. Deaton dispute these claims. Deaton pointed out that while Wright may have had some involvement in the creation of Bitcoin, it is unlikely that he was the sole creator.

The uncertainty surrounding Nakamoto's identity continues to fuel speculation and discussion in the crypto community. While Wright's claims are attracting attention, the question of who really created Bitcoin remains unanswered.

Technical Market Outlook:

The BTC/USD pair has tested the key short-term technical resistance located at the level of $28,608 and reversed lower after hitting the upper channel line during the extremely overbought market conditions on the H4 time frame chart. The next target for bulls is seen at the level of $28,687 and $28,800, however, currently it is a time for a correction. The intraday technical support is seen at $27,270. The strong and positive momentum supports the short-term bullish outlook for BTC, but currently is pulling back from the extremely overbought market conditions.

Weekly Pivot Points:

WR3 - $28,708

WR2 - $28,340

WR1 - $28,158

Weekly Pivot - $27,972

WS1 - $27,790

WS2 - $27,605

WS3 - $27,237

Trading Outlook:

The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.