Bitcoin Technical Analysis Report | 14th October 2024
Bitcoin rebounded sharply after dipping below $60,000 earlier this week, despite buyers finding it challenging to maintain momentum at higher levels. This pattern of dip-buying and rally-selling suggests that Bitcoin may enter a tight trading range in the near term. A positive indicator is the strong demand seen at lower levels. Following three days of outflows, U.S.-based spot Bitcoin exchange-traded funds recorded inflows of $253.6 million on October 11. While Bitcoins price remains range-bound, some analysts are beginning to shift their optimism toward altcoins.
At the time of writing, BTC was trading at $62,625.
BTC resisted at the key level of $66,500 and corrected almost 11%, and dropped to $58,946. However, the prices didnt give a close below the psychological level of $60K. On a broader scale, the asset continues to trade in a Descending Channel pattern. Once Bitcoin gives a breakout above the patter with good volumes then we may expect it to further rally and cross the previous all time high of $73,777.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. | |
| $56,000 | $62,000 | BTC | $66,500 | $73,777 |
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