As a seasoned crypto investor with over a decade of experience navigating the volatile cryptocurrency market, I can confidently say that this latest BTC price action is reminiscent of a rollercoaster ride I’ve taken more times than I care to remember. The weekly close, teetering on the edge of a seven-month downtrend, has me both nervous and excited – it’s like standing at the top of the tallest drop, waiting for the plunge with bated breath.
Bitcoin (BTC) faces a crunch weekly close as bulls seek to break through a seven-month downtrend.
BTC price finally teases key breakout
Information provided by CryptoMoon Markets Pro and TradingView suggests that the Bitcoin price is trying to break through the resistance level, which has been in place since the March high for all-time prices.
As a researcher, I’ve noticed that Bitcoin has been confined within a descending channel for more than six months following its achievement of the all-time peak at $73,800.
Regardless of multiple efforts to resume its normal price fluctuations, Bitcoin (BTC) against the U.S. Dollar (USD) has persistently remained within a specific price range. Currently, traders are optimistic that the market conditions might have changed.
According to well-known trader and analyst Rekt Capital, the weekly chart shows multiple attempts to breach the top boundary of the channel, with the most recent occurrence happening this week.
He pointed out that Bitcoin recently failed to break through the resistance line (red) of its downward trend, much like it did in previous instances (represented by blue circles).
“It’s essential Bitcoin Weekly Closes inside the red resistance to avoid a deeper rejection from here.”
Looking ahead, it appears that a weekly closing price above the current channel top, approximately $68,000, could be imminent. This is because the buying force remains strong, leaving sellers with limited opportunities to react.
“Still early on in the week,” Rekt Capital concluded.
“Generally, we need to observe this Downtrending Channel resistance (red) for signs of weakening compared to previous rejections.”
On shorter time frames, there’s a greater sense of hope due to the day’s closing points being outside the established channel.
In a recent development, Daan Crypto Trades informed his X followers that the asset has now managed to escape from the trading range it had been confined to throughout much of 2024.
A supplementary graph indicated that Bitcoin (BTC) surpassed both its 200-day Simple Moving Average (SMA) and Exponential Moving Average (EMA), a situation that has posed challenges since the summer.
“Short-Mid timeframe trend is also up,” Daan Crypto Trades added.
Bitcoin institutional demand eyes records
Previously, CryptoMoon noted that even minor fluctuations in Bitcoin’s price can significantly impact its overall demand.
Lately, the surge in Bitcoin prices has triggered a sequence of events, as more and more investors are pouring money into this market.
According to Vetle Lunde, a senior analyst at the crypto analysis company K33 Research, global investment vehicles for Bitcoin have been receiving approximately 360,000 Bitcoins yearly and are projected to break the 2020 record set by Grayscale of 373,000 Bitcoins. This was confirmed on October 18th.
The influx of funds into U.S. Bitcoin exchange-traded funds has surpassed a record $20 billion, and the overall value of these ETFs now stands at an unprecedented $65 billion, marking a new peak.
In essence, Eric Balchunas, an analyst at Bloomberg, noted that gold ETFs had taken approximately five years to accumulate a sum equivalent to what they currently stand at, which is $20 billion.
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2024-10-18 10:48