Bitcoin Technical Analysis Report | 21st October 2024
Bitcoin has gained approximately 9% this week, signalling strong buying interest from bulls. While the upward movement is encountering resistance around the $69,000 mark, buyers appear to be holding onto their positions, suggesting they expect the rally to continue. Adding to the positive sentiment, the U.S. Securities and Exchange Commission (SEC) recently approved the listing of options for Bitcoin exchange-traded funds (ETFs), on both the New York Stock Exchange and the Chicago Board Options Exchange. Analysts believe that this development could significantly increase liquidity in the Bitcoin market.
At the time of writing, BTC was trading at $62,625.
BTC was trading in a Descending Channel pattern over the past six months. The asset has given a breakout above the pattern but with low volumes. If it sustains and gives a weekly closing above the pattern then we may expect it to rally further and test the previous all time high.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. | |
| $62,000 | $66,500 | BTC | $70,000 | $73,777 |
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