CandleFocus

Bitcoin Price Analysis: Here’s the Most Probable Target for BTC in the Next Few Days

Author: Content Editor
The price of Ripple has been bearish in recent weeks, but there have been tumultuous movements in the past few days that have put the trend into question. The price has been making higher highs and lows since rebounding from the $52K support level in September and has broken the 200-day moving average to the upside. However, it has not been able to rise above the $69K resistance level and is currently correcting lower. A retest of the 200-day moving average is likely in the coming days. If Bitcoin trades above $60K, the trend could be considered bullish. On the 4-hour chart, the price has broken a rising wedge pattern to the downside and has been rejected from the $69K resistance zone. The RSI has dropped below 50% and the 4-hour momentum has shifted bearish. However, a drop to $64K might not materialize, and a recovery and continuation could begin sooner. This could confirm a strong rally for Bitcoin and potentially lead to a new record high. Additionally, the BTC exchange reserve has been declining, indicating an accumulation period by large investors. This could lead to a supply shock and a surge in price if demand increases.

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