CandleFocus Bitcoin Price Holds Above $60,000 While Its Direction Is Uncertain
2024-10-04
Author: Content Editor
The price of Bitcoin (BTC) has failed to break through the $65,000 mark, causing a decline in its value. If the $65,000 mark had been breached, buyers were hoping to push Bitcoin to $70,000. Bitcoin's price has been fluctuating above the $60,000 support and the 50-day SMA line since October 1. The recent price action has been stagnant, with traders uncertain about the market's direction. If Bitcoin fails to reach the 50-day SMA support or the $60,000 low, it could continue to fall. On the other hand, an uptrend could begin if the bulls break the 21-day SMA resistance line. Bitcoin's current price is $61,262. The cryptocurrency is currently trading below the moving average lines, and long candlestick tails indicate strong buying pressure at the $60,000 support level. Resistance levels for Bitcoin are $70,000 and $80,000, while support levels are $50,000 and $40,000.
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