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BTC Downtrend Scenario and Key LevelsBTC seems like it is following this daily downtrend channel, and seems to be reversing from the top of the channel. All the timeframes (Daily, 4H, 1H, and 15 Min) are screaming downtrend. We saw that it retested the downtrend resistance at 61125 level and looks like it might retest it. We have 5 minutes left in 4H timeframe so will need to wait for it to close and see how price reacts to it. Will wait for short long entry if the price breaks the 15 min key level and will have the target at the 1 Hour Key Level. (But chances are low). I feel like we will go down further till 59200 area where the 1 Hour strong demand zone is. If we break that, then we might see 54000 - 50000. Waiting on the sidelines until I see any clear structure or pattern forming. I feel safe that way. Good luck and happy trading!
by MoneyChartz
BITCOIN → False breakout of $ 65,000. What's next ↓ ?BINANCE:BTCUSD entered a strong buying zone (above 65K), but the bulls failed to realize the potential. The price returned in the channel boundaries, eliminating the positively-minded... A false breakout is forming relative to 65K. After the liquidation and strong impulse, a small correction is formed, directed to the imbalance zone. The retest may end with the bears holding the defense below 65K, in this case the price may start a gradual decline due to the lack of opportunity to break through 65K (in this case the all-time favorite pattern “Head and Shoulders” may form here). The focus is on the support 62745, below which an ogrom pool of liquidity is formed, if the price enters this zone, the market may spill down.... The global range of 65K - 55K is still relevant. It is not excluded that the resistance can be broken quickly, but for the moment the fight for 65K is still going on... Bears will be able to confirm their victory provided the price consolidates below 62800. Resistance levels: 65K, 66K Support levels: 62745, 61320 As the fight for 65K continues, the bulls may make another attempt on the background of the retest. If they will be able to consolidate above the 65-66K zone, the price will head to the global resistance - 68-69K, where a more serious, fierce struggle will develop... Rate, share your opinion and questions, let's discuss what's going on with ★ BINANCE:BTCUSDT ;) Regards R. Linda!
Short
by RLinda
12
BTC - Daily, a Pullback before the bullish rallyI’m bullish on BINANCE:BTCUSDT for the higher timeframes and expect a new all-time high (ATH) by late 2024 or early 2025. However, in the short term, my strategy signals a potential pullback. I’ll take a short at the $66K zone and look to add to my crypto assets if the price drops to the $60K zone again, just like in my previous trades. This could be a great scalp opportunity while still preparing for the longer-term rally.
Short
by Sober_Trading
1
Bitcoin drops as risk appetite take a hitRisk assets took a tumble on reports a a senior US official has revealed that Iran may soon launch a ballistic missile attack against Israel. The US is helping Israel prepare its defenses, warning that such an attack would have serious consequences for Iran. This development comes after Israel escalated its military operations against Tehran-backed Hezbollah in southern Lebanon. Along other risk assets, Bitcoin fell and broke a key short-term support level around $63,000. This level marked the most recent before BTC/USD bulls launched another attempt to push price above the 200-day average at $64,000 and resistance around $65,000. While Bitcoin breached this zone to briefly climb above $66,500, it couldn't hold onto those gains, falling back relatively sharply in the last two trading sessions. As a result, BTC has now broken its short-term bullish trend line. If BTC now stays below the broken $63K support level, this could potentially lead to further follow-up technical selling towards the next key support around $60,000. By Fawad Razaqzada, market analyst with FOREX.com
COINBASE:BTCUSD
by FOREXcom
2
MYRO Long Spot Position (Reversal with 21 EMA Reclaim)Market Context: MYRO is showing signs of reversal by reclaiming the 21 EMA for the first time since July and turning a key resistance line into support. This offers a promising risk-to-reward trade if the price continues moving upward. Trade Setup: Entry: Around $0.082. Take Profit: First target: $0.115 Second target: $0.16 Third target: $0.22 Fourth target: $0.26 Stop Loss: Daily close below $0.074. This setup has a favorable risk-to-reward profile if the upward momentum holds. #MYRO #CryptoReversal
Long
by Richtv_official
APT Long Spot Position (Inverse Head and Shoulders Breakout)Market Context: APT is breaking out from an inverse head and shoulders pattern, holding the 200 EMA as support while flipping previous resistance. The key resistance level to clear is $9.8, which could trigger rapid price expansion. Trade Setup: Entry: Dollar-cost average (DCA) between $8 and $6.8. Take Profit: First target: $9.8 Second target: $12 Third target: $14 Stop Loss: Daily close under $6. This setup looks solid for a breakout continuation if resistance is cleared. #APT #Crypto
Long
by Richtv_official
BTC can Reach $125k If It Manages to Break this ... !!As I mentioned last year, Bitcoin could return to its peak, and it has. Now, as you can see, Bitcoin is in a cup and handle pattern on the weekly timeframe. This can be an incredibly strong signal for a price increase. If the breakout happens, Bitcoin's price could reach $125,000 in the new year, which is not far-fetched, just like the AB=CD pattern. previous Analysis Bitcoin - Time to buy again! ✨We spend hours finding potential opportunities and writing useful ideas, we would be happy if you support us. Best regards CobraVanguard .💚 _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ✅Thank you, and for more ideas, hit ❤️Like❤️ and 🌟Follow🌟! ⚠️Things can change... The markets are always changing and even with all these signals, the market changes tend to be strong and fast!!
Long
by CobraVanguard
6
October, ScenariosIn the previous update, we presented the Triangle scenario in wave . It is shown on the left. This scenario is supported by the robust structure of the Triple Three wave pattern and the traditionally positive seasonality for Bitcoin in the October-December period. For instance, the average monthly growth of BTC in October is 19.6% (since August 2017). Are there potential corrective alternatives? Perhaps the most promising one is the formation of a Diagonal from 49000. This is also a bullish scenario but requires much more time to develop and suggests significant fluctuations in the 50-68k range over the next two months. The scenario will start to become relevant if the pullback from 66498 does not conclude at the current levels and evolves into a full-fledged correction. Crossing 57493 would invalidate the Triangle scenario, switching us to the Diagonal. The weak point of the Diagonal scenario is that the preceding segment is hard to decompose into quality waves. Meanwhile, market operators have a strong temptation to hit the "weak hands" of margin buyers, driven by FOMO and the expectation of an ATH.
by Nickonomics
Bullish Surge or Bearish Breakdown? The Key Zones to Watch for BThe chart displays a critical support zone marked in Blue, ranging from $61,800 to $62,605.62. If the price of Bitcoin stays above this zone, it signals strength in the market, and we could see buyers stepping in, leading to a potential rally. In this case, the next target would be the descending Red trendline, which indicates the area of resistance where sellers might push the price back down. A breakout above this trendline could open the door for further bullish movement, possibly toward higher levels beyond $69,000 On the other hand, if Bitcoin fails to maintain its price above the Blue support zone, the next level to watch is the minor support at $59,791.23. This could become the next line of defense for buyers, but if the selling pressure persists and the price falls through this level, the market could target the broader Green support zone between $57,061.68 and $57,738.70. This area has previously served as a strong support, meaning it could potentially halt the decline. However, if this zone also breaks, the market may face a deeper correction. According to our analysis, the price of Bitcoin will bounce back from the Blue support zone but if the price fails to hold the support zone Blue and drop from here the price might bounce from the Green support zone and not go further deeper.
Long
by TheCryptoCity
ETH breakout??Ethereum has generally been falling behind this Bullrun with some disappointing PA. Currently RTH finds itself able to prove some LTF strength with a breakout play on the 15m timeframe. After trending to the downside over the weekend ETH has hit a bullish OB and reacted well off that level that coincided with the bottom of the channel. Price has now broken out to the upside, retraced to test that level as new support and it's here where R;R is strong should ETH show some strength and push upward. Some points of confluence would be the 200ema now trending up and is at the same support level as the trendline, I'd like to see good support here. Easy invalidation would be a break in structure at the local low, along with a loss of the 200ema & trendline support. BTC's behaviour also a factor in this move too as it always is when HTF chop occurs.
by ProR35
9/30 Market Surge: SP500, Crypto, and Whale AccumulationOverview: The AMEX:SPY closed strongly today, spurred by dovish remarks from Jerome Powell during a press conference. Powell signaled that the economy is cooling and reiterated the Federal Reserve’s commitment to achieving 2% inflation. As a result, 61% of traders now anticipate a 1 basis point rate cut in November, while 39% expect a 2 basis point cut. The AMEX:SPY had been gradually sliding earlier in the day, but Powell’s comments fueled a rally, allowing the index to engulf Friday’s red candle. Trading volume for the SPY ETF more than tripled during the press conference, reaching levels similar to Wednesday, September 18, when the recent rate cut was announced. Bullish. The tech ETF NASDAQ:QQQ didn’t manage to engulf Friday’s candle but still saw a solid rally, accompanied by trading volume that was 10x higher than usual. BlackRock continued its buying spree, acquiring $72.2 million worth of BTC, which is below their usual $118 million purchases. Over the past six days, BlackRock has accumulated nearly half a billion dollars worth of BTC and an additional $100 million of ETH. Is this how whales are dollar-cost averaging into the market? BTC TA: W: BINANCE:BTCUSD saw a sharp sell-off originating from Asia early Monday. Despite this, it remains above the Bollinger Band MA at $62.8k. The point of control for the current bull move is at $63k, with key weekly and daily resistance at $64k. BTC must hold within the $63k-64k range to maintain the bullish trend; failing to do so could signal one of the year’s largest bull traps. D: The recent correction has halted precisely at the point of control, where the most trading activity occurs. However, the RSI remains overbought at 73.4, and the MACD shows bearish histogram divergence. Bearish. 4h: On shorter timeframes, RSI has moved into oversold territory. Additionally, the VWAP oscillator has crossed above the 0 line, signaling short-term bullishness. A rebound to the $64.7k Fibonacci 0.618 level is possible. Bullish in the short term. 1h: Price broke through the weekly and monthly resistance at $64 k but is struggling to maintain this level due to significant selling pressure. Neutral to bearish. Altcoins Relative to BTC: Top altcoins have started pumping again after Monday’s correction. Coins like SUI, APT, and FTM posted gains of more than 7% by early Tuesday. These altcoins have proven that the recent correction was not a bull trap and are leading the market in this cycle. Even if BTC remains range-bound, altcoins could continue to pump, interpreting the situation as a non-bear market scenario. Bull Case: The bull trap has been avoided, and the market has resumed its uptrend. With additional liquidity expected from future rate cuts, the correction is seen as a temporary pullback. The Federal Reserve's dovish stance increases the likelihood of more liquidity flowing into speculative assets like crypto. Bear Case: The market may still be caught in a massive bull trap. Altcoin buyers at these levels could find themselves overexposed if the broader market falters. Fear and Greed Index: Currently at 47.89, the index has pulled back from the "Greed" area and is now just below the midpoint of 50, indicating a neutral sentiment in the market. Prediction: If BTC fails to reclaim $64 k , sentiment may shift bearish in the near term. Conversely, reclaiming this level could pave the way for further upside, with a first target of $67k.
COINBASE:BTCUSDLong
by EvgenCapital
Bitcoin acting like a little brat.There are a lot of diverse opinions about Bitcoin, right? The only issue is, I don't know how they are completely certain that they are right! Perhaps I am overly doubtful. ----- There was a bullish flag formation on the Bitcoin *weekly* chart. To finish the flag pattern, Bitcoin needs to end September with a monthly close between $68,000 and $70,000. This is the optimal outcome. If it falls within the range of $65,000 to $68,000, it is likely to proceed but caution is advised. ----- However on the same time , a bearish triangle was formed on the *monthly* chart of Bitcoin. so if monthly close below $62,000 is considered bearish. -----if it ends from $62,000 to $65,000, the irritating consolidation will persist. For the benefit of altcoins, Bitcoin needs to hit $68,000. For what reason? Due to the fact that many of them have passed away and been interred! The crypto market needs $68,000 to continue operating. ------------------------------------------------------------------------ I believe BTC will hit (only hit, not closing!) $68,000-$70,000 within the upcoming days. Following that, I would patiently await the market's decision. Do not touch BTC and focus on altcoins with both eyes. TAO, FTM, SUI, CKB, and RSR appear to be in a positive trend. Some individuals like TIA,CFX,NEO,NEAR,IMX and etc have the ability to increase their daily movement by 30% to 50%. However, cash out your earnings and be patient for Bitcoin.
by El_retardo
BTC/USDT Analysis Update 01.10.2024BTC has completed wave 3 of wave 1 (or wave A). Currently, it is progressing through wave 4, which typically retraces to the 0.382 - 0.5 Fibonacci levels. In this area, the hourly MA200 acts as a resistance level and a potential rejection zone. Moreover, there is a potential bearish divergence forming between wave 2 and wave 4, suggesting a likely decline after testing the MA200. If BTC breaks and holds above 66,200, it would invalidate this trading idea. ⚠️ Disclaimer: ⚠️ 🚫 This is not financial advice. Trade responsibly and conduct your own research before making any decisions.🚫
COINBASE:BTCUSD
by RhinoAkaBear
BTC [1W] Cup with Handle is formedHello friends! We have prepared an analysis of the BTC chart based on the "Cup with a handle" pattern. At the moment, all the conditions for working out this pattern have been formed. 1. There was a bullish trend before the pattern was formed 2. The deflection in the cup is not more than 80% of the previous trend 3. The length of the handle is not more than 50% of the length of the right side of the bowl 4. All this is on a high time frame of 5. The EMA 200 enhances the pattern when the handle is located at the bottom
BITSTAMP:BTCUSDLong
by Gethodl
Day 2 AI Analyzing my trading ideasThe following chart is not very different from the first except I wanted to focus on a smaller timeframe initially I wanted to focus on the 4h timeframe but the big picture wouldn’t be as clear. I started off sending a picture of the 4h chart to AI and asking if it recognized any patterns, of which it mentioned 3 patterns a Head and shoulders, a rising wedge, and a symmetrical triangle. The rising wedge we talked about yesterday. So I decided to go for the head and shoulders (in this case an inverted HAS) after drawing the HAS on the chart myself I sent a new picture of it to AI and asked what it saw (the yellow price lines were added before posting to highlight the possible target AI suggested. Below is the description I got, keep in mind AI is not to be used as a trading tool by any means, but I like to play with the fact that it takes my emotions away from trading. Disclaimer again, I’m no professional and this is not trading advice. This is what AI said about my chart. Let’s break down the analysis again with this correct interpretation. ### Key Observations: 1. **Inverse Head and Shoulders Formation**: - The **left shoulder** forms around early June, the **head** dips lower in mid-July, and the **right shoulder** forms in September. - This pattern suggests that after a downtrend, there’s potential for a bullish reversal. 2. **Neckline**: - The **dotted green line** (around $65,000) appears to act as the **neckline** of the pattern. This is a key resistance level that, once broken, would confirm the bullish reversal. ### Possible Outcomes: - **Bullish Scenario**: - If the price breaks **above the neckline** (around $65,000), it would confirm the Inverse Head and Shoulders pattern, signaling a potential upward movement. - To estimate the potential target, measure the distance between the **head** and the **neckline**. The head dips to around **$50,000**, and the neckline is at **$65,000**, which gives a difference of **$15,000**. - Adding that difference to the breakout point at **$65,000** suggests a potential upward target of around **$80,000**. - **Bearish Scenario**: - If the price fails to break the neckline and instead reverses back down, the key support levels to watch would be the **right shoulder level**, which is around **$55,000**, and the **$50,000** level at the head. - A breakdown below these levels could invalidate the bullish reversal, leading to further downside pressure. ### Conclusion: The **Inverse Head and Shoulders** is a classic bullish reversal pattern. If the price breaks above the **$65,000 neckline**, we could see Bitcoin target **$80,000** based on the pattern's projected move. However, failure to break the neckline would mean the pattern is not yet confirmed, and we might see the price retest support around **$55,000** or **$50,000**.
INDEX:BTCUSDLong
by Kevinwastaken
BTC/USDT 4HOUR CHART UPDATE !!Latest BTC/USDT Long Update: Bitcoin is showing strength by rebounding from a crucial support trendline, which suggests the presence of strong buyer activity in this area. This support level has held well recently and continues to act as a solid base for further price action. Ahead lies a horizontal supply zone acting as a key resistance level. A breakout above this zone would provide strong bullish confirmation and signal a possible uptrend continuation. Traders are carefully monitoring this supply zone for any signs of a breakout. A clear move above this resistance could change market sentiment, potentially leading to a more sustained rally. The Bitcoin price action trendline is indicating a bullish trendline with strong support. Traders are looking for a breakout above the supply zone, which would confirm the start of a strong bullish rally. However, if Bitcoin fails to break out, it could lead to further consolidation near this resistance area. Let me know if you want further information or analysis! Disclaimer: This analysis is for informational purposes and is not financial advice. Always stay updated with market movements and adjust your trading strategies as needed. You can DM us for information on any other altcoin. @Peter_CSAdmin
Long
by CryptoSanders9563
2
Bitcoin - Time to buy again!I still stand by my opinion and haven’t changed my mind that Bitcoin should reach $73,000. Now let’s analyze this technically. Recently, Bitcoin managed to break this triangle strongly and rose to above $66,500. However, we are now facing a short-term correction that could bring the price down to around $62,000. The price could drop to the indicated support area and then powerfully bounce back up, breaking the head and shoulders pattern, and finally reach the megaphone top. important patterns: Butterfly Pattern, Megaphone Pattern, Head and Shoulders . I can’t believe how quickly time has passed. Let’s take a look at my analysis from 2020 (good old days) and ✨We spend hours finding potential opportunities and writing useful ideas, we would be happy if you support us. Best regards CobraVanguard .💚 _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ✅Thank you, and for more ideas, hit ❤️Like❤️ and 🌟Follow🌟! ⚠️Things can change... The markets are always changing and even with all these signals, the market changes tend to be strong and fast!!
Long
by CobraVanguard
9
DOGE - Bullish Bears?!Howdy !! Blood Red trace is the mid level bearish movement that could influence this bottom level... bearishly ... but it still shows a big move up to about $.161 before the pull back... Thats the Bullish Bears) which would then likely lead to the Yellow longer range projection. I think it was done on the 3Day candle. Also, of course, excited to see this Orange trace - the Bullish Bulls influence on the pattern... And I adore how it interacts with the fun number sequence price levels... .420, .69, etc.... we're all just kids at our computers here eh? Speaking of... all kids have the same core desire for one thing... unconditional Love. We likely didn't get it from our parents... cause they were just doing the best they could. well... now we get the chance to elevate our own vibrational level toward that enlightenment of unconditional love. that is the future for all of us, that choose to exit the cycles that are holding us back. This is relevant to DOGE. The dog is the embodiment of unconditional Love... angels in fur coats here to teach us how to let go of our fears and connect once again as tribes bound by unconditional love... all one brother and sister across the globe. So, Dogs invoke the emotion of unconditional love, and we know that is also our future... so... how could DOGE Coin not also be our future??? BTC and ETH now tethered to the US equity markets... all with unrealized hyperinflation ... giant balloons to burst... and the volatility that will ensue will be spectacular as BTC and ETH retest Longest range resistance levels left years ago. Thats how it works in FEAR & GREED based equities ... Gann and Elliot and those guys all have schemes to categorize the movements... but if you can meditate on the charts and get them to pop into 3D... then you'll just see the monsters of our addictions FEAR and GREED flying through space, tumbling together.... Bottom level, Check, mid level, check, Top Level, Reversal... Repeat.... These harmonic patterns apply at every observable time frame... seconds to minutes to hours.... They will exist on the largest time frames as well. absolutely. This is where DOGE has a different prospect.... the emotion of LOVE, will let us climb the value ladder step by step, supporting each other as the tribe builds around the coin... and avoiding the massive volatility of two battling addiction cycles. I choose LOVE. Let's Go DOGE! Time for a run, then we sit and stay, like a good dog, as the world around us becomes volatile... and then another run!
COINBASE:DOGEUSDLong
by DHLawrence
The key is whether it can be supported at 64748.70 Hello, traders. If you "Follow", you can always get new information quickly. Please also click "Boost". Have a nice day today. ------------------------------------- There is a content about the volatility period of the StochRSI indicator in the previous idea, so please refer to it. (BTCUSDT 1D chart) The HA-High indicator on the 1D chart is expected to be generated at the 64748.70 point. Accordingly, the key is whether it can rise above 64748.70 and be supported. If not, as I mentioned in the previous idea, we need to check the support in the above section - 63118.62.64000.0 - 60672.0-61099.25 . Since the M-Signal of the 1D chart is passing around 63118.62.64000.0, it is an important support and resistance section, and since the M-Signal of the 1W chart is passing around 60672.0-61099.25, it is an important support and resistance section. However, if the decline continues, the M-Signal of the 1W chart is expected to rise around 61759.99, so this area is also an important support and resistance section. - (1D chart) Since the HA-High indicator of the 1D chart has been touched, if it fails to rise above the HA-High indicator, it is likely to touch the HA-Low indicator. Therefore, as the price falls, we need to check where the HA-Low indicator is generated. If it is not generated, it is likely to touch around the 56204.13 point. However, as I mentioned earlier, there is an important section, so it is not expected to fall easily. - The volatility period is expected to be around October 5-10 (up to October 4-11). Therefore, the point of interest is whether it will pass the 66676.87-68249.88 section or the 56150.01-56950.56 section after this volatility period. If not, and it moves sideways, you need to check if the M-Signal of the 1D chart > M-Signal of the 1W chart can be maintained. If the M-Signal of the 1D chart < M-Signal of the 1W chart is maintained, there is a possibility that it will converge near the M-Signal of the 1M chart. I will explain this in detail again when there is movement. - (1M chart) This is the day when a new moon candle is created. Therefore, I will explain this after a new candle is created. - Have a good time. Thank you. -------------------------------------------------- - ​​Big picture It is expected that a full-scale uptrend will start when it rises above 29K. The next expected range to touch is 81K-95K. #BTCUSD 12M 1st: 44234.54 2nd: 61383.23 3rd: 89126.41 101875.70-106275.10 (overshooting) 4th: 134018.28 151166.97-157451.83 (overshooting) 5th: 178910.15 These are points that are likely to receive resistance in the future. We need to check if these points can be broken upward. We need to check the movement when this range is touched because it is thought that a new trend can be created in the overshooting range. #BTCUSD 1M If the major uptrend continues until 2025, it is expected to start forming a pull back pattern after rising to around 57014.33. 1st: 43833.05 2nd: 32992.55 -----------------
by readCrypto
Bitcoin Price Outlook: Is a Bitcoin Rally Imminent?As the financial world closely watches the signals from Jerome Powell, Chair of the U.S. Federal Reserve, optimism is rising around Bitcoin's potential next rally. Powell's confidence in cooling inflation and the U.S. economy’s strength has caught the attention of Bitcoin enthusiasts, especially as monetary easing could work in favor of the flagship cryptocurrency. But is Bitcoin set for a breakout, or are there hurdles in the way? Jerome Powell’s Inflation Confidence & Potential Impact on Bitcoin ( CRYPTOCAP:BTC ) At the 66th NABE annual meeting, Jerome Powell reaffirmed the Federal Reserve's ability to bring inflation down to the 2% target. He expressed optimism about the labor market's stability and the U.S. economy's resilience despite a cooling job market. Powell’s statement carries weight, as any dovish shift in Fed policy could significantly influence risk-on assets like Bitcoin. Powell hinted that any further rate cuts would hinge on incoming inflation data, aligning with the Fed’s cautious approach. Despite the uncertainty of immediate cuts, the notion that inflation is under control sparks hope for Bitcoin, as a lower interest rate environment could drive liquidity into the market, benefiting assets like BTC. Further dovish movements or interest rate cuts could fuel a renewed wave of institutional and retail interest in Bitcoin. Bitcoin's Bullish Fundamentals & Historic Patterns Bitcoin’s long-term bullish sentiment remains intact, especially as it heads into the fourth quarter. Historically, Q4 has been one of Bitcoin’s most profitable periods. For instance, CRYPTOCAP:BTC is poised for a positive close for September, and historically, whenever Bitcoin ends September in green, it follows with strong performances in October, November, and December. More than just seasonality, Bitcoin’s fundamental outlook is supported by the global macro environment. With central banks in major economies like China adopting monetary easing policies, Bitcoin, being a risk-on asset, is expected to benefit from global liquidity. Market analysts from QCP Capital have predicted that such policies will boost Bitcoin, aligning with the narrative of Bitcoin as a hedge against inflation and traditional finance’s uncertainties. Technical Analysis: Bitcoin’s Resistance and Momentum On the technical side, Bitcoin ( CRYPTOCAP:BTC ) is currently trading between $61,000 and $65,000, showing a consolidation pattern. This range has become a key pivot point for BTC, with the $63,000 level acting as a significant resistance barrier. At the time of writing, Bitcoin ( CRYPTOCAP:BTC ) is down 3.15%, continuing its oscillation within this range. Despite this dip, the Relative Strength Index (RSI) sits at 56, signaling that Bitcoin ( CRYPTOCAP:BTC ) still holds bullish momentum and is not yet overbought. Technical analysts have pointed to $70,000 as the key resistance level Bitcoin ( CRYPTOCAP:BTC ) needs to break through to confirm the next leg of its bull run. Should CRYPTOCAP:BTC reclaim this level, it could set the stage for new all-time highs, as predicted by analysts like Markus Thielen, who expects Bitcoin ( CRYPTOCAP:BTC ) to surge past $70,000 by late October. The next few weeks could be pivotal for CRYPTOCAP:BTC as it heads toward a monthly close. Historically, Bitcoin only posts negative returns in October twice, reinforcing the optimism that Bitcoin could close the year on a high note, pushing to new heights. Factors to Watch: U.S. Elections & Regulatory Landscape While the technical and fundamental outlooks remain bullish, Bitcoin’s future will also be influenced by external factors. The upcoming U.S. presidential elections could serve as a major catalyst. Both parties have expressed openness toward Bitcoin ( CRYPTOCAP:BTC ), with discussions about potentially making Bitcoin ( CRYPTOCAP:BTC ) a legal tender in the U.S. This, if it materializes, would create a massive wave of institutional adoption, further cementing Bitcoin’s position as a mainstream asset. However, regulatory uncertainties continue to hang over the cryptocurrency market. Global regulatory bodies are increasing scrutiny on digital assets, and Bitcoin’s future could hinge on how these regulatory frameworks evolve. Additionally, global adoption rates and market sentiment around decentralized finance (DeFi) will play crucial roles in shaping Bitcoin’s next moves. Conclusion While short-term volatility and regulatory hurdles remain, Bitcoin’s long-term outlook is strongly bullish. Jerome Powell’s optimism around cooling inflation and potential rate cuts are supportive macro conditions for CRYPTOCAP:BTC , while historical performance and technical indicators point toward a potential rally in the coming months. As Bitcoin ( CRYPTOCAP:BTC ) moves into the final quarter of 2024, eyes will be on key resistance levels, the U.S. elections, and regulatory developments. The path to $70,000 is in sight, and if Bitcoin ( CRYPTOCAP:BTC ) breaks through, it could trigger a new all-time high by the end of the year.
Long
by DEXWireNews