Bitcoin is trying to break out of the downward parallel channel that has confined it for months. After a long struggle, BTC’s price has once again risen above $61,000. In the last 24 hours, it surged by 3.58%, reaching a high of $64,280 before hitting resistance and starting to decline.
Let’s explore the recent market developments and what we can expect next.
The downward parallel channel, which began in the second week of March, has consistently limited Bitcoin’s upward movement, leading to an overall downward trend. Currently, the price is around $63,905 as it attempts to overcome resistance in the $64,000 zone.
This parallel channel has kept Bitcoin from falling below $60,000, providing essential support. The latest support line is another trend line that started in March, reinforced by the 100-day Moving Average at the same level.
Looking at other technical indicators shows strong support for a price increase. The Relative Strength Index (RSI) has risen to 63.74 from 30 on October 10, indicating increasing momentum. The MACD histogram, which had previously shown a decline in buying power, is now green again, signaling renewed interest from investors.
Although the MACD line was about to cross below the signal line, it has since retraced and is starting to rise.
The recent spike in Bitcoin’s price led to the liquidation of 54,630 traders, resulting in around $167 million in washed-out trades. Most of this liquidation occurred in the last 12 hours, with $107.60 million coming from short positions.
From the current chart and market indicators, it’s clear that Bitcoin is trying to break the $64,000 resistance. This crucial week could push the price above $67,000 by the weekend. However, there is a significant chance of rejection, which could see prices retreating to $62,000. Ultimately, Bitcoin’s direction will depend on investor support in the coming hours.
The fate of Bitcoin’s price hangs in the balance. Will it break free or remain trapped? Share your analysis.
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