Bitcoin Breaks $69,000 – Bull Market Reversal? Analysis from October 22, 2024

Bitcoin continues its rise, confirming a promising technical breakthrough. Let’s take a look at the future prospects of the BTC price.

Bitcoin (BTC) price situation.

After bouncing off the $60,000 support, Bitcoin broke above $64,500. It then quickly broke through its daily resistance, identified around $66,500. From a chartist’s perspective, all of these swings have allowed for a cup with a handle pattern, indicating a bullish future. In addition, this phenomenon confirms the return of the medium-term uptrend of the cryptocurrency. Subsequently, the bullish momentum was maintained until reaching $69,500. Unfortunately, this Monday, October 21st, the selling movement slowed the latter. It should be noted that this decline has occurred since the first resistance of the monthly pivot points.

At the time of writing, the price of Bitcoin is trading around $67,800. The short-term trend was thus questioned. However, the recent bounce from the $66,700 support is interesting to note. While this decline may be worrying, it does not challenge Bitcoin’s mid- to long-term uptrend. Indeed, Bitcoin is still above its 50- and 200-day moving averages, which appear to be gradually rising. As for the dynamics of the cryptocurrency, it was revised upwards before subtly falling at the beginning of the week, as evidenced by its oscillators and the price of Bitcoin itself.

The current technical analysis was done in collaboration with E, an avid investor and trader in the cryptocurrency market. Today, coach v Family businessa community of thousands of traders on their own account active since 2017. Here you will find lives, educational content and mutual help in the financial markets in a professional and warm atmosphere.

Focus on Derivatives (BTCUSDT)

Open interest in BTC standing contracts as well as their CVD generally developed in line with the underlying. This testifies to the growing interest of speculators, especially in purchasing. However, the recent decline in interest suggests selling pressure. In terms of funding rates, we can see that they remain positive, illustrating the continued upward pressure on Bitcoin perpetual contracts. As for liquidations, it is mainly purchases at the beginning of the week, even if they are not significant.

The liquidation heatmap shows that BTC/USDT is currently in contact with a significant liquidation zone located between $68,000 and $66,000. There appears to have been some buying interest in the cryptocurrency, with the price rebounding. Now, the most significant liquidation zone is just above the current price, around $70,000. Above we can note that it is located above $72,000. Below the current price, it is possible to notice a soft zone between $64,000 and $63,000. Further below, we note the area near $61,600. A price approaching these levels could lead to massive order triggering, increasing the risk of increased volatility for the cryptocurrency. These areas therefore represent a major point of interest for investors.

Bitcoin (BTC) price predictions.

• If the price of Bitcoin remains above $66,500we might expect a return to $69,500. Exceeding this zone could lead to 70,000 dollars. If the upward movement continues, we could envision a move up $72,000. Above we can notice the ATH of bitcoin, so approx $73,760. Reaching this last level would mean an increase near 8%.

• If bitcoin fails to stay up $66,500we might consider returning to $65,000even $64,000. Another support to watch in case the bearish move continues would be around 62,000 dollarseven $61,600. We can also notice the support 60,000 dollars. Reaching this last level would mean a drop of approx 11%.

Conclusion

Despite a temporary dip at the beginning of the week that cast doubt on Bitcoin’s short-term trend, the cryptocurrency’s upward momentum remains intact, supported by technical elements confirming a positive mid- and long-term trend. While this encourages optimism, it remains imperative to closely monitor price reaction at key levels to confirm or adjust current forecasts. Finally, remember that these analyzes are based solely on technical criteria and that the price of cryptocurrencies can evolve rapidly depending on other more fundamental factors.

Disclaimer:

The content and products listed on this site are in no way endorsed by Cointribune and should not be construed as its responsibility.

Cointribune strives to provide readers with all available useful information, but cannot guarantee its accuracy or completeness. We encourage readers to educate themselves before taking any action regarding the company and to take full responsibility for their decisions. This article should not be considered investment advice, an offer or solicitation to purchase any products or services.

Investing in digital financial assets involves risks.

Read more