CandleFocus

Bitcoin Gains Ground And Breaks Through The $60,000 Level

Author: Content Editor
Despite a drop on October 10, the price of Bitcoin has managed to stay above the $60,000 mark. The largest cryptocurrency saw a dip but was bought by the bulls, rallying above moving average lines but facing resistance at the 21-day SMA. If this resistance is broken, Bitcoin could rally to $65,000 and potentially reach $70,000. The moving average lines have remained horizontal, signaling a continued positive trend and potential further price increases. Key resistance levels are at $70,000 and $80,000, while key support levels are at $50,000 and $40,000. On the 4-hour chart, Bitcoin is trading between $59,000 and $64,000 with resistance at $64,000. Buyers have managed to stop selling pressure and recover above the $60,000 support. This analysis and forecast should not be seen as a recommendation to buy or sell cryptocurrency.

Related News