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Cryptocurrency News Articles
Bitcoin (BTC) Price Kickstarts the Return of “Uptober” With Its Best Weekly Close in Nearly Five Months
Oct 21, 2024 at 04:05 pm
Bitcoin bounces back with a swipe at $69,000
Bitcoin (BTC) kicked off the return of “Uptober” with its best weekly close in nearly five months and a visit to a familiar price level: $69,000.
After a last-minute push sealed a weekly close to remember for BTC/USD, the largest cryptocurrency was back above $69,000 on Oct. 24.
Bitcoin price 1-hour chart. Source: TradingView
At just over $69,000, the close was Bitcoin’s highest since the start of June. Now, traders were eyeing a potential pullback before a return to upside momentum.
In a dedicated thread on X, popular trader CrypNuevo noted nearby liquidity as the next BTC price hurdle to overcome.
“There is a major liquidation level and that's to the upside, exactly at $69.3k,” he noted.
BTC liquidation heatmap. Source: CrypNuevo/X
What happens next could cause bulls some temporary pain. For CrypNuevo, the 50-period exponential moving average (EMA) on 4-hour timeframes, currently at $66,888, could see a retest.
“Ideally we can hold it, as well as holding the top part of the channel to confirm a breakout and a potential move higher,” he summarized.
BTC/USD 4-hour chart with 50EMA. Source: TradingView
Analyzing relative strength index (RSI) levels, fellow trader and analyst Daan Crypto Trades argued that Bitcoin needed to “lead” crypto markets into a sustained breakout.
“The key for the bulls is to keep the momentum going from here,” he reiterated in another of his latest X posts.
BTC/USD 1-week chart. Source: Daan Crypto Trades/X
Macro triggers simmer ahead of US election
Another quiet week in terms of US macroeconomic data leaves unemployment numbers as the key event for crypto and risk-asset traders.
Initial jobless claims, due on Oct. 24, will come a day after the Federal Reserve’s latest update on economic conditions known as the “Beige Book.”
Inflation continues as a major topic of conversation, but in recent weeks, stocks have led a risk-asset rally which has ignored resurgent inflationary signals.
“Supercore inflation is now rebounding after materially falling in the first half of 2023. At the same time, core CPI inflation rose to 3.3% marking the first increase since March 2023,” trading resource The Kobeissi Letter noted in its recent X analysis.
Kobeissi referenced both earnings season and the US Presidential Election, now just two weeks away, as likely to shape market sentiment in the short term.
Fed target rate probabilities. Source: CME Group
The latest data from CME Group’s FedWatch Tool put the odds of a 0.25% interest rate cut at the Fed’s next dedicated meeting on Nov. 7 — a mere two days after the election — at more than 90% at the time of writing.
“Dollar is rising sharply in anticipation of this,” Matthew Dixon, CEO of crypto rating platform Evai, told X followers in part of a recent post on the topic.
Bitcoin’s recent moves have placed an entire seven months of BTC price action in focus.
Since hitting all-time highs in March, BTC/USD has been wedged within a downward-sloping channel, offering a succession of lower highs and lower lows — until now.
As Cointelegraph continues to report, daily timeframes finally saw a candle close above channel resistance this weekend, and the weekly close reinforced the breakout signal.
What should be next, popular trader and analyst Rekt Capital says, is “at least” $70,000.
BTC/USD 1-week chart. Source: Rekt Capital/X
Not everyone, however, agrees that Bitcoin has left the channel behind once and for all.
“7 month inverted expanding triangle continues to form,” veteran trader Peter Brandt commented on a chart which formed part of an X thread on Bitcoin published on Oct. 21, after the weekly close.
BTC/USD 1-week chart. Source: Peter Brandt/X
Data from monitoring resource CoinGlass showing liquidity levels over the past six months confirms that the bulk of asks currently sits just above $70,000. Further resistance is visible near $72,000.
BTC liquidation heatmap (screenshot). Source: CoinGlass
As Bitcoin sees record levels of open interest accompanying its ascent to $69,000, some market observers are already cautious.
In one of its latest Quicktake blog posts on Oct. 19, onchain analytics platform CryptoQuant warned that leverage was increasing at a worrying rate.
“Leverage in the derivatives market has always been recognized as a key factor that, while helping traders
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- Elon Musk's Dogecoin (DOGE) Endorsement Sparks 29% Price Surge
- Oct 21, 2024 at 10:30 pm
- Dogecoin (DOGE) recently surged above $0.15 following a notable statement from entrepreneur Elon Musk. Although the uptrend quickly waned, with DOGE retracing to the $0.14 range, it is currently trading at $0.1459. This still reflects a 2.03% rise in the last 24 hours and a substantial 29.23% increase over the past seven days.