CandleFocus Bitcoin Price Analysis: What Are BTC’s Chances for New ATH After the Rejection at $69K?
2024-10-22
Author: Content Editor
Bitcoin's price has recently rallied above the $64K level and the 200-day moving average, increasing the likelihood of a new all-time high. However, sellers have defended the $69K resistance level, leading to a rejection and a possible retest of the 200-day moving average. The 4-hour chart shows a bearish signal with a breakdown of a rising wedge pattern and bearish divergence in the RSI. Despite the temporary correction, the overall market structure remains bullish. Additionally, there has been a reduction in options open interest, suggesting less uncertainty among investors, while futures open interest has increased, indicating increased confidence and willingness to take on more risk.
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