Bitcoin Technical Analysis Report | 28th October 2024
Bitcoin has dipped slightly more than 2% this week. However, a key positive is that buyers have managed to prevent the price from staying below $65,000. This support sparked a rebound, lifting Bitcoin above $67,500 on October 27. On October 25, sellers attempted to push the price under the 20-day exponential moving average (EMA) at $66,201, but the bulls held firm. This resilience indicates that market sentiment remains optimistic, with traders continuing to buy on dips.
At the time of writing, BTC was trading at $67,806.
BTC, after making the all time high of $73,777, started to trade in a Descending Channel pattern. The bulls are trying to give a breakout above the pattern as the price has been training around the resistance (upper downsloping line of the pattern) over the past seven days. BTC has also struggled to sustain and give the weekly closing above the $70K. Once it does that then we can expect it to break the all time high and give another rally.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. | |
| $62,000 | $66,500 | BTC | $70,000 | $73,777 |
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