CandleFocus One condition Bitcoin must meet or 'bears can creep back into the picture'
2024-10-22
Author: Content Editor
Bitcoin's path to $70,000 is currently stalled as the cryptocurrency undergoes a short-term correction and faces a crucial test near a major resistance zone. Analysts believe that Bitcoin must convert this resistance zone into a support level in order to continue its bullish momentum. If it fails to do so, bears may take control and push the price lower. The recent correction and failure to hold above $69,000 have raised concerns about further downside potential. However, there are still prospects for a long-term rally, as Bitcoin has broken out of a falling channel that has persisted for months. Additionally, upcoming catalysts such as the US presidential election and the potential for a Trump win are anticipated to drive Bitcoin's price higher. Bitcoin's current price is around $67,090. Overall, Bitcoin's ability to sustain support above $65,000 is crucial for its continued upward movement.
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