Based

bullish

Bitcoin

<p>With the recent crash under $61,000, the BTC price warns of a bearish continuation in the coming weeks. The growing bearishness in the crypto market warns of a canceled Uptober rally this year.&nbsp;</p>  
<p>With the crucial support of $60,000 at risk, will Bitcoin find a reversal spot before $50,000 in case of a breakdown? Will this crash in BTC price reach $50,000? Let’s find out in our Bitcoin price analysis.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-bitcoin-price-performance">Bitcoin Price Performance</h2>  
<p>Amid the failed recovery chances, the short-term rejection in BTC price near the $64k level leads to another bear cycle. The reversal phase puts additional pressure on the $60,000 support with the 2% fall yesterday.&nbsp;</p>  
<p>Currently, the BTC price is trading at $60,686 with a minor intraday gain of 0.17%. The downfall creates a lower high formation and warns of an extended bear cycle within the bearish channel.&nbsp;&nbsp;</p>  
<figure class="wp-block-image size-large"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/10145405/image-104-10-1024x511.png" alt="Bitcoin Price Performance" class="wp-image-363261">
</figure>  
<p><a href="https://www.tradingview.com/x/pr3Z5Be1/" target="_blank" rel="noopener noreferrer nofollow">Tradingview</a></p>  
<p>Supporting the technical analysis, Martinez Ali, in a recent <a href="https://x.com/ali_charts/status/1844163183004746043" target="_blank" rel="noopener noreferrer nofollow">X post</a> highlighted the Bitcoin price trend trapped in a descending channel. Based on his analysis, the middle boundary at $58,000 and the lower boundary at $52,000 are critical support levels. On the upside, a bullish breakout will require the BTC price to clear the $66,000 mark.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-on-chain-reveals-critical-support-at-58-943">On-Chain Reveals Critical Support at $58,943</h2>  
<p>Based on the In/out of the Money around the price, buyers with an average price between $51k and $69k, 35.58% volume is “In the Money”.&nbsp;</p>  
<figure class="wp-block-image size-large"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/10145448/image-104-11-1024x299.png" alt="BTC In/out of the Money" class="wp-image-363262">
</figure>  
<p><a href="https://app.intotheblock.com/coin/BTC/deep-dive?group=all&amp;chart=all" target="_blank" rel="noopener noreferrer nofollow">Intotheblock</a></p>  
<p>Further, the indicator highlights the next critical support zone extending from $58,943 to $60,755. Within this range, 1.56M addresses have bought 679.42k Bitcoin. Currently, the overhead resistance zone ranges from $60,828 to $62,640.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-will-btc-price-sustain-above-60k">Will BTC Price Sustain Above $60k?</h2>  
<p>With the short-term surge in supply pressure, the $60k support is under pressure. However, the 200D EMA acting as a dynamic support adds strength.&nbsp;</p>  
<p>Successively, a breakdown will test $58k and $55k to provide the next reversal spot. Conversely, a bullish turnaround will test the $64k and $66k resistances.&nbsp;</p>  
<p>Curious about Bitcoin’s bull run in October? Check out Coinpedia’s <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin (BTC) Price Prediction </a>for an overview of long-term targets!</p>

Bitcoin Crash: Will BTC Price Hit $52k Within a Bear Channel?

Table of Contents

CoinPedia News

Other articles published on Oct 10, 2024

Solana Whales Move to This SOL Alternative Below $0.10 as the Best Cheap Crypto to Buy Before the...

Ethereum Bull Run Takes Off as Stacks Price Climbs; BlockDAG Emerges as Potential Tier 1 Crypto

🗒 Daily Newsletter | Thursday, October 10, 2024

Can Crypto Hide in Divorce? South Korea Says No

Big Reason for 'Breaking Bad Satoshi's' Disappearance Voiced by Samson Mow

Thailand’s Regulatory Shift: SEC Proposal to Allow Private Funds to Invest in Bitcoin and Other C...

Join our free newsletter for daily crypto updates!