CandleFocus Bitcoin Holds Critical 21-Week EMA Support as Traders Eye $66,000 Resistance
2024-10-03
Author: Content Editor
Bitcoin is currently floating above the 21-week EMA, which has historically provided strong support for the cryptocurrency. It has bounced off the EMA during recent pullbacks, indicating resilience. The previously broken downtrend line is also being tested for support, and the combination of these two support structures will determine Bitcoin's ability to sustain its bullish momentum. The market cap is decreasing, but the 24h trading volume and overall market cap indicate that bulls are maintaining pressure to push prices towards the $60,315.46 resistance level. Bitcoin's short-term forecast remains favorable, but it must hold the support levels to move towards higher resistances. If it falls below the 21-week EMA and fails to find support at the downtrend line, significant retracement may occur.
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