Bitcoin

Resistance

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/can-bitcoin-break-through-resistance-levels" data-wpel-link="internal" rel="noopener noreferrer nofollow">Can Bitcoin Break Through Resistance Levels?</a><br></p>
<p style="text-align: justify">Prominent <a href="https://en.bitcoinhaber.net/market-trends-and-predictions-for-avalanche-and-shiba-inu-cryptocurrencies" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto analyst</a> DonAlt has issued an urgent advisory for <a href="https://en.bitcoinhaber.net/hrf-supports-global-bitcoin-projects" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (<a href="https://en.bitcoinhaber.net/cryptocurrency-markets-waver-as-federal-reserves-economic-stance-causes-uncertainty" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>) investors, highlighting that the cryptocurrency may be on the verge of a new upward momentum, based on technical indicators.</p>
<h2 id="what-caused-bitcoin-s-recent-price-drop">What Caused Bitcoin’s Recent Price Drop?</h2>
<p style="text-align: justify">DonAlt pointed out that a significant correction in August, which saw Bitcoin dip below the $50,000 mark, was a necessary adjustment for the market. He believes this decline will help facilitate a more robust recovery for Bitcoin as it begins to stabilize.</p>
<h2 id="what-are-the-risks-of-market-weakness">What Are the Risks of Market Weakness?</h2>
<p style="text-align: justify">However, the analyst warned that any indication of weakness could plunge Bitcoin into a lengthy downward trend. He noted that if the price were to fall below $58,000, it could trigger a bear market lasting anywhere from six to eighteen months. He stated:</p>
<blockquote>
 <p>The market has been shaken so aggressively that an upward movement after such a long consolidation is a fair assumption.</p>
</blockquote>
<h2 id="how-important-is-the-68-000-resistance-level">How Important is the $68,000 Resistance Level?</h2>
<p style="text-align: justify">DonAlt highlighted the $68,000 area on the daily chart as a crucial resistance level for Bitcoin. If the price surpasses this threshold without a pullback, he suggests that bearish sentiment could be misplaced, stating:</p>
<blockquote>
 <p>If we exceed the $68,000 level without a pullback, we can assume that bears might be wrong. Therefore, a cautious approach is necessary.</p>
</blockquote>
<p style="text-align: justify">Bitcoin was trading at approximately $63,244 at the time of this report, reflecting a decrease of over 2% for the day. Market conditions will play a significant role in shaping Bitcoin’s medium-term outlook, according to DonAlt.</p>
<ul>
 <li>A strong upward trend is predicted if Bitcoin maintains its current support levels.</li>
 <li>Breaking key support levels could necessitate longer market corrections.</li>
 <li>Investors must closely monitor market signals to navigate potential risks.</li>
</ul>
<p style="text-align: justify">Bitcoin appears poised for potential upward movement from a technical perspective, yet it is crucial for investors to remain vigilant about levels that could indicate future market volatility.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span> <a href="https://en.bitcoinhaber.net/can-bitcoin-break-through-resistance-levels" data-wpel-link="internal" rel="noopener noreferrer nofollow">Can Bitcoin Break Through Resistance Levels?</a></h5>

Can Bitcoin Break Through Resistance Levels?

Table of Contents

BH NEWS

Other articles published on Oct 1, 2024

Naira devaluation: Starlink increase router price to N590,000, monthly subscription up by 100%

Crypto Experts Predict 200% Profits On Its Way For Solana (SOL) And Cutoshi (CUTO) After Recent U...

Shigeru Ishiba Promotes Blockchain and NFTs in Japan

Justin Sun Moves $21.5M in EIGEN Tokens: What’s Behind the Bold Transfer?

Börse Stuttgart, ECB cut settlement time in blockchain test

AVESCARE

Join our free newsletter for daily crypto updates!