Bitcoin experienced a 4% decline, dipping to $69,000. It still resides in the “greed” territory, as reflected by the Fear and Greed Index, which currently sits at 75. The month of October concluded with Bitcoin achieving a 13% increase, prompting analysts to forecast a potential upward trend for November. BTC is entering a phase filled with anticipation, as it looks ahead to possible price shifts. However, the overall cryptocurrency market capitalization has fallen to $2.34 trillion, a decrease of over 3.70%.
Over the past 24 hours, Bitcoin’s price has decreased by 4%, now trading at $69,376, which places it 5.79% below its peak price. The recent short-term bearish trend may indicate a possibility of further downward movement throughout the day. During this period, Bitcoin reached a low of $68,779 and peaked at $72,662. In this timeframe, the market saw liquidations totaling $88.25 million worth of BTC, according to reports.
On a weekly basis, Bitcoin recorded a modest increase of 2.36%, having started the week at $67,695. This week, Bitcoin tested the $71,200 mark and reached a weekly high of $73,544.
Analysts have noted that Bitcoin’s recent rise to $72,000 follows a predictable pattern, with an essential support level identified at $69,000. If Bitcoin manages to maintain its position above this threshold, it could catalyze further upward momentum, potentially pushing the price to $78,000.
In a separate development, the now-defunct cryptocurrency exchange Mt. Gox transferred 500 BTC, worth approximately $35 million, to undisclosed addresses. The wallet in question currently contains 44,905 BTC, raising speculation about the compensation process for creditors.
Can Bitcoin Bulls Reverse the Trend?
Examining Bitcoin’s four-hour technical indicators reveals a temporary bearish outlook for the asset. The Moving Average Convergence Divergence (MACD) line is situated below the signal line, which could indicate an impending bear market.
BTC chart (Source: TradingView)
Additionally, the Chaikin Money Flow (CMF) indicator stands at -0.08, suggesting a decline in money flow. Meanwhile, daily trading volume for BTC has surged to $44.56 billion, marking an increase of over 13%.
Currently, market sentiment appears neutral, with the daily relative strength index (RSI) lingering around 45. The daily chart displays the short-term 50-day moving average above the long-term 200-day moving average.
The BTC price chart reflects the potential for both upward and downward corrections. Should the negative trend persist, Bitcoin could drop below the $69,000 mark in the near term, with further losses possibly bringing the price down to the $68,300 range.
Conversely, if Bitcoin can overcome the resistance at $70,000, it may target the all-time high of $73,750. A recovery of lost momentum could lead to an exciting rally, allowing the asset to surpass its previous all-time high (ATH).
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