CandleFocus Expert warns Bitcoin’s ‘Uptober will end as Downtober’
2024-10-23
Author: Content Editor
Bitcoin's attempt to reach $70,000 is fading, with technical indicators signaling a potential drop in price by the end of October. Historical patterns from April and November 2021 suggest a similar outcome, with both months ending in a red candle and significant corrections. Key support levels are identified at $55,000, $44,444, and $36,000. Ethereum's weakness is also contributing to the overall bearishness in the cryptocurrency market. However, there is hope for a rally if Bitcoin can successfully retest the channel top at $66,200. To reach its next target of $100,000, Bitcoin needs to flip the $70,000 resistance into support. Bitcoin futures open interest has hit an all-time high, indicating increased market liquidity and speculation. Despite short-term volatility, the long-term sentiment for Bitcoin remains bullish.
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