CandleFocus Bitcoin poised for more upside after breaking $63,000 – Bitfinex
2024-10-15
Author: Content Editor
According to the Bitfinex Alpha report, Bitcoin (BTC) may continue its rally after breaking through the $63,000 resistance level. On October 14, BTC reached a daily high of $66,288, signaling renewed bullish momentum. The report emphasizes the importance of on-chain metrics, particularly the realized price of unspent transactions output (UTXO) age bands, in assessing market conditions. BTC is currently trading between two key realized price zones: around $63,000 for short-term holders and $55,000 for mid-term holders. The report suggests that a solid daily close above $63,000 is needed to sustain the upward momentum. Despite recent volatility, including a dip to $58,943, Bitcoin has demonstrated underlying stability and is poised for a strong rebound. As of October 14, Bitcoin is ranked #1 by market cap and the total crypto market is valued at $2.29 trillion.
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