CandleFocus Bitcoin Nears Key Breakout: Last Three 200-Day MA Crossings Triggered ‘Parabolic Bull Runs’
2024-10-15
Author: Content Editor
Bitcoin has rebounded after briefly dropping below $60,000, and is now approaching its all-time high of $73,700. Crypto analyst Ali Martinez believes that if Bitcoin can maintain its current level around $66,000, further gains may be possible. Previous instances of Bitcoin breaking above the 200-day moving average have led to significant bull runs. Bloomberg suggests that Bitcoin's price recovery may be linked to improving expectations around US crypto regulations, with both Democratic nominee Kamala Harris and Republican candidate Donald Trump expressing support for the industry. Bitcoin's price tends to perform well in October, and historical trends suggest that this strength usually increases in the second half of the month. At present, Bitcoin is trading at over $65,000, up more than 5% in the past 24 hours.
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