CandleFocus Bitcoin Bears Lose Control As BTC Net-Taker Volume Shifts Positive
2024-10-23
Author: Content Editor
Bitcoin has seen a significant surge in price since September, but after testing the $69,500 level, it is facing selling pressure. However, data suggests that bears are losing control in the futures market, with a key indicator flipping bullish. Holding above the $66,000 level is crucial for Bitcoin's strength and potential for new highs. There is a potential shift in momentum as BTC net taker volume has turned positive for the first time in months. The coming weeks, especially with the approaching US presidential election, are critical for Bitcoin's price action. The price currently finds support at $66,000, and if it holds above, the next target is $70,000. However, if it drops below, the daily 200 moving average at $63,300 could provide support.
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