Bitcoin Technical Analysis Report | 4th November 2024
Bitcoins pullback near its all-time high, earlier this week, may have prompted short-term traders to lock in profits. Despite the price retreating to around $68,000, analysts remain optimistic, expecting Bitcoin to find solid support within the $65,000 to $68,000 range. The upcoming U.S. elections are seen as the next significant catalyst for the crypto market. A break above $70,000, in the near term, could lift investor sentiment, potentially driving renewed buying interest in select altcoins as well.
At the time of writing, BTC was trading at $68,950.
BTC, after making the all time high of $73,777, was trading in the Descending Channel pattern. The asset gave a breakout above the channel and rallied up to $73,620. Bulls, however, failed to cross the previous all time and the prices witnessed some profit booking. BTC has struggled to give a weekly closing above the $70K mark in the past, and this time also it failed to do that. Once it gives a weekly close above $70,000, and sustains above the previous all time high, then we may expect it to rally further.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. | |
| $62,000 | $66,500 | BTC | $70,000 | $73,777 |
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