As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset market, I find myself both concerned and hopeful as I analyze the recent fluctuations in Bitcoin (BTC) prices. The one-week low we witnessed on Oct. 23 was a reminder that even the mighty BTC is not immune to market turbulence. However, I am optimistic about the long-term potential of BTC, as I’ve learned from past experiences that these dips often provide opportunities for strategic investing.
Bitcoin (BTC) dropped to one-week lows on Oct. 23 as a return to support tested bulls’ resolve.
BTC price consolidation fails to dent optimism
Data from CryptoMoon Markets Pro and TradingView showed BTC price weakness delivering $60,063 on Bitstamp.
At the moment of writing, Bitcoin (BTC/USD) was approximately 1.5% lower for the day, furthering its downtrend that has kept the $69,000 level as a resistance.
In other words, although some market watchers predicted this situation, Rekt Capital, a well-known trader and analyst, pointed out that the week’s closing price could serve as an important boundary for the near-term market momentum.
He pointed out on the weekly chart uploaded to X that around $66,500 is the potential target for closing by the end of the week.
“Previous Channel Top resistance (red) is now being retested into new support (green). The retest is underway,” he commented.
“Bitcoin needs to Weekly Close above the Channel Top (black) for the retest to be successful (downside wicks in the meantime are permitted).”
A positive outlook emerged from well-known trader and market analyst CryptoBullet, who utilized the moving average convergence/divergence (MACD) indicator to reassure those eagerly awaiting a resurgence in Bitcoin’s price upward trend.
“Weekly MACD crossed bullish for the first time since October 2023!” he summarized on the day.
The MACD (Moving Average Convergence Divergence) is an indicator that assesses the strength of a market’s trend by comparing short-term and long-term moving averages. Signals from these crossovers help determine the power behind recent price shifts.
As a seasoned crypto investor, I find myself drawn to the striking resemblance between the current BTC/USD market and that of late 2021. It seems we’re on the brink of touching those old all-time highs once again, as we did when Bitcoin reached $69,000.
From my perspective as an analyst, the pattern observed in Bitcoin’s price action since its recent peak in March – a vertical rally followed by a more subdued period – mirrors the “same Vertical Rally (MACD peaked) followed by a painful Mid Term Correction” scenario. This suggests that we might be experiencing a mid-term correction, which could potentially involve some turbulence in Bitcoin’s price movement.
Currently, Bitcoin ($BTC) is bursting free from its prolonged period of sideways movement as the Moving Average Convergence Divergence (MACD) line has crossed bullishly once more, according to his assessment.
“IMO what we’re gonna see is a new ATH on price & a Lower High on MACD.”
Bitcoin, Ether still “well-supported”
According to CryptoMoon’s latest updates, key factors influencing the cryptocurrency market are centered around the forthcoming U.S. Presidential Election, the Federal Reserve’s upcoming meeting on interest rates scheduled for November 7, and relevant economic data.
In their recent update to their Telegram followers, the trading company QCP Capital stated that prior to the Election and Federal Reserve event, the most crucial piece of data to focus on will be the Nonfarm Payrolls (NFP), which is set to be released on November 1.
The upcoming NFP release next Friday has everyone’s attention, given the lingering doubt about the job market.
“As the last NFP report before the next Fed meeting, it will play a critical role in shaping expectations for the Fed’s next move on interest rates.”
QCP stated that Bitcoin and the leading alternative coin, Ethereum (ETH), appear robust and could see further growth before the upcoming employment statistics release and elections.
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2024-10-23 16:36