Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin [BTC] is approaching the $62k mark and might be starting a new bull rally.</li> 
 <li>Despite positive signs, the MACD technical indicator suggests a possible price drop.</li> 
</ul>  
<p>Bitcoin’s recent performance mirrors an event back in October 2023. A technical indicator has turned bearish on this cryptocurrency.</p> 
<p>In recent days, Bitcoin [BTC] has been quietly nearing the $62k mark. This development, although seemingly minor, could potentially signal the start of a new bull rally.</p> 
<h2 id="is-bitcoin-poised-to-repeat-history">Is Bitcoin Poised to Repeat History?</h2> 
<p>Previously, it was reported that Bitcoin was consolidating and slowly approaching $62k. Rising buying pressure on the coin often leads to price increases.</p> 
<p>At the time of writing, Bitcoin was trading at $61,865.46. Recent analysis indicates that BTC is following a historical trend.</p> 
<p>Crypto analyst Mister Crypto highlighted a similar trend observed in 2023. During that year, BTC was in a consolidation phase, which was followed by a dump. Now, a similar scenario seems to be unfolding. If history repeats itself, we might see BTC initiating a bull rally soon.</p> 
<p>Another crypto analyst, Titan Of Crypto, pointed out an interesting development. According to his tweet, Bitcoin bounced from the Gaussian Channel, a technical analysis tool that helps traders identify price trends and potential trading opportunities. Historically, such bouncebacks have always resulted in a rally in BTC’s price.</p> 
<h2 id="what-can-we-expect-from-bitcoin">What Can We Expect from Bitcoin?</h2> 
<p>An analysis of Bitcoin’s on-chain data indicates a potential price rise. BTC miners appear willing to hold onto their assets, as evidenced by BTC’s green Miners’ Position Index.</p> 
<p>The Binary CDD is also green, indicating that movements by long-term holders in the past week have been lower than average, suggesting a motive to hold onto their coins. However, the aSORP metric looks bearish, indicating that more investors are selling at a profit. In the midst of a bull market, this could indicate a market top.</p> 
<p>Despite the positive metrics mentioned above, Bitcoin’s daily chart reveals a bearish crossover in the MACD technical indicator. This suggests that investors might witness a price drop. If this occurs, then BTC might once again plummet to its support at $54k.</p>

Anticipating Another Bitcoin Surge: Historical Patterns Predict a Bull Run

Table of Contents

CoinEagle.com

Other articles published on Oct 6, 2024

Corporate Investors Increase Demand for Bitcoin ETFs

Cardano is set for a 600% jump, while XRP and Cybro aim to hit $3 first

How Qubetics Smart Contracts, Cardano’s Midnight Testnet, and Theta’s Video Streaming Enthuse Cry...

Unbeatable Bitcoin: Dominance Soars to 54%

Institutional Investors Drive Bitcoin ETF Growth

Cryptos With Potential in October 2024: Ethereum and Chainlink

Join our free newsletter for daily crypto updates!