One condition Bitcoin must meet or ‘bears can creep back into the picture’
The post One condition Bitcoin must meet or ‘bears can creep back into the picture’ appeared on BitcoinEthereumNews.com.
Bitcoin’s (BTC) path toward $70,000 has seemingly stalled, with analysts identifying conditions the digital asset must meet or risk witnessing dominance by bears. The asset is undergoing a short-term correction and faces a crucial technical test as it trades close to a major resistance zone formed by its all-time high trendline following a period of volatility and consolidation, according to an analysis by TrendSpider on October 22. Bitcoin price analysis chart. Source: TrendSpider The analysts agreed that Bitcoin’s path from the current levels is straightforward, where the asset must convert this long-standing resistance zone of $70,000 into a support level. Notably, Bitcoin has faced multiple rejection points along this trendline since March 2024, with the price repeatedly falling after testing this level. Should Bitcoin break and stabilize above the trendline, it would be a notable bullish signal, opening room for higher targets. On the other hand, if Bitcoin fails to breach the $70,000 mark, bears might capitalize, possibly pushing the price lower. Indeed, $70,000 is primarily considered the first key point that could push BTC toward $100,000. “Pretty straightforward setup here on $BTC. Turn all-time high trend zone resistance into new support, or bears can creep back into the picture,” TrendSpider noted. Bitcoin facing short-term correction This outlook comes as Bitcoin bulls attempt to keep the valuation above $65,000 support after the asset failed to hold above $69,000. In the context of this recent correction, analysis by pseudonymous X user MirageMogul noted that Bitcoin faces the potential for a further drop after it tested the resistance line at around $68,000 but failed to sustain momentum. Bitcoin price analysis chart. Source: TradingView This opens the door for further downside movement as chances of a possible ‘Uptober’ rally appear to be fading. Interestingly, a large volume of long liquidations is under $62,000.…
Filed under: News - @ October 22, 2024 11:20 am