CandleFocus Will Bitcoin Bulls Take Charge as BTC Targets New Resistance?
2024-10-14
Author: Content Editor
In the past 24 hours, the cryptocurrency market has been attempting to recover and has reached a market cap of $2.24 trillion. Bitcoin (BTC) has moderately rebounded after dipping below major support levels, gaining 2.47% in the past 24 hours. The trading volume of BTC has also increased by 47% to $23.69 billion. The Fear and Greed Index for BTC suggests a neutral sentiment in the market. Transaction fees for Bitcoin have surged by over 32% in the past week, potentially due to increased Runes transactions. The asset is currently struggling to surpass $63,000 and if the uptrend continues, it could test the resistance at $65,640. On the technical side, the short-term 50-day moving average is at $62,231, and the long-term 200-day moving average is at $62,054. The MACD suggests a negative trend and decreased buying pressure for BTC.
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