CandleFocus Bitcoin Price Analysis: Does BTC Have Enough Strength to Chart New ATH This Week?
2024-10-30
Author: Content Editor
Bitcoin's price is approaching a new all-time high but is facing resistance at the March peak. The asset has rallied since rebounding from the $52K support level, breaking above the 200-day moving average and $69K resistance zone. It is currently testing the $74K resistance, which is likely to be broken. The 4-hour timeframe shows an overbought signal, indicating a potential short-term consolidation or pullback. However, overall market structure suggests Bitcoin could see a significant increase in the next few months. Profit-taking rates are not at the same level as when BTC was last trading around $74K, indicating a sustainable rally may still be expected.
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