Bitcoin

Bitcoin, trading at <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">$61,046</a> at press time, exhibits a potential bullish momentum.A crypto influencer, Open4profit, recently shared a bullish outlook for Bitcoin. He pointed to consolidation near a key resistance level as a sign of a possible breakout.<h2 id="header-0">Consolidation Under Resistance</h2>Open4profit’s recent analysis shows a descending channel pattern on <a href="https://cryptotale.org/bitcoin-volume-spikes-to-37-4b-amid-dormant-whale-moves/" rel="noopener noreferrer nofollow">Bitcoin’s</a> chart. The upper red line represents a sloping resistance level. Bitcoin has been repeatedly rejected at this level in recent months. The lower green line indicates a similar sloping support level, showing where Bitcoin has found support. Between these lines, a white dashed mid-channel line serves as a pivot zone for short-term price movements.Related: <a href="https://cryptotale.org/bitcoin-could-reach-90k-if-trump-wins-u-s-election-report/" rel="noopener noreferrer nofollow">https://cryptotale.org/bitcoin-could-reach-90k-if-trump-wins-u-s-election-report/</a>Currently, Bitcoin is experiencing volatility near a key support level, positioned below the resistance level, which is considered a bullish indicator according to Open4profit. Such a style of consolidation can indicate the approach of the breakthrough. However, it is crucial to note that, if Bitcoin continues to trade above the associated support, a breakout of the descending channel is possible. The potential for a price jump has been identified, aligning with the upward trend indicated by the big green arrow in the analysis. This could catapult Bitcoin to cross over $70 000.<a href="https://cryptotale.org/btcs-calm-near-resistance-signals-potential-breakout/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

BTC’s Calm Near Resistance Signals Potential Breakout

Table of Contents

CryptoTale

Other articles published on Oct 10, 2024

OKX Launches Comprehensive Trading Platform for UAE Residents

Thai SEC Proposes Rules Allowing Mutual and Private Funds to Invest in Digital Assets

Why Caroline Ellison Was Sentenced to Two Years in Prison

7,000 ETH Moved to Exchanges as China Sells Off PlusToken Seized Cryptocurrency

Qubetics and SpacePay Offer Innovative Solutions — Which is the Best Crypto Presale to Buy? Avala...

US Crypto ETFs Surge with $350M in New Inflows

Join our free newsletter for daily crypto updates!