CandleFocus Is Bitcoin Gearing for a Major Move to $65,000? (BTC Price Analysis)
2024-10-06
Author: Content Editor
Bitcoin's price has experienced a decline due to the conflict in the Middle East, but it has found support at the $60K level and is pushing higher toward the 200-day moving average. If it gets rejected at the 200 DMA, further drops to $56K and $52K could occur. The market structure has shifted bearish, but a bottom may have formed at $60K. The price breaking above $64K or being rejected will determine its future direction. Additionally, the Bitcoin Net Realized Profit and Loss (NRPL) metric suggests that BTC may be preparing for a new bullish run in the coming months, as it has decreased to levels last seen in the early stages of the bull market.
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