CandleFocus

Bitcoin Pauses Above $68,000 With An Eye To The Recent High

Author: Content Editor
The price of Bitcoin has continued to rise after breaking out on October 11. It has surpassed the $65,000 mark and is currently trading at $68,350. There is an expectation that Bitcoin will reach $70,000 and potentially go even higher to $72,000 and $73,588. However, if it is rejected at $70,000, the bullish trend may end and the price could fall back below $65,000. The 21-day SMA serves as a support level, and as long as the price remains above the moving average lines, Bitcoin will remain in a bullish trend. The resistance levels are $70,000 and $80,000, while the support levels are $50,000 and $40,000. On the 4-hour chart, Bitcoin has stalled at $70,000 and is forming indecisive candlesticks in the overbought territory. The cryptocurrency is currently moving back towards the moving average lines and may resume its uptrend if it finds support. This analysis and forecast are the personal opinions of the author and should not be taken as financial advice. Readers should conduct their own research before making any investment decisions.

Related News