CandleFocus Bitcoin buy walls now sufficient to neutralize prevalent sell walls
2024-10-14
Author: Content Editor
Recent data from CryptoQuant shows that the buy walls for Bitcoin on all exchanges have become very strong, indicating robust demand for Bitcoin and suggesting that the market may be poised for recovery. The chart shows a reversal in trend, with buy walls reaching a strong level of 895 million and sell walls dropping to zero. This indicates that buyers are willing to step in at important levels. The strong buy walls also suggest growing confidence and could lead to price stabilization or even an upward trend if the trend continues. Currently, Bitcoin is up 2.80% in the past 24 hours and is trading at $64,630. The MACD indicator has turned bullish, signaling renewed buying momentum, and Bitcoin faces resistance at $66,325. However, if it can break through this level, it may push toward $68,000 or higher. The 20-day moving average and lower Bollinger Band provide support at $62,832 and $59,338, respectively. Overall, Bitcoin appears to be well-positioned for further upside.
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