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<p>With a momentary drop under $59k, Bitcoin formed a 24-hour low at $58,867. However, the quick reversal drove the BTC price back above $60k, resulting in a lower price rejection.&nbsp;</p>  
<p>Currently, the BTC price shows a symmetrical triangle in the 12-hour chart, holding the fate of the crypto market. Further, a bullish attempt at reversal at the $60k level lights a hope of a comeback.&nbsp;</p>  
<p>Will BTC witness a breakout rally as the S&amp;P 500 hits a new all-time high? Read our BTC price analysis to learn more.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin Price Analysis</h2>  
<p>In the 12-hour chart, the BTC price action reveals a triangular pattern formation. Bitcoin hesitates to continue a bear cycle within the pattern as it takes upwards near the $60,459 level.&nbsp;</p>  
<figure class="wp-block-image size-large"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/11105804/BTC-Price-Analysis-11th-Oct-2024-1024x598.png" alt="BTC Price Analysis 11th Oct" class="wp-image-363828">
</figure>  
<p><a href="https://www.tradingview.com/x/Z5Nxqfq3" target="_blank" rel="noopener noreferrer nofollow">Tradingview</a></p>  
<p>With the possibility of a double-bottom reversal, the BTC price is trading at $60,115, struggling to sustain dominance above the psychological mark. Based on the Fibonacci levels, the BTC prices near the 50% level act as the baseline of the double-bottom pattern.&nbsp;</p>  
<p>Meanwhile, the daily RSI line reveals a minor divergence, supporting the double-bottom reversal thesis. In case of a reversal rally, the BTC price is expected to surpass the 61.80% Fibonacci level at $62,611 to challenge the overhead trendline.&nbsp;</p>  
<p>In case of a bullish breakout, the $69,579 is the next potential target. Meanwhile, a bearish continuation will test the $58,307 and lower support trendline.</p>  
<p>Concerned about BTC’s future? Read our <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Price Prediction</a> for potential price targets!</p>  
<h2 class="wp-block-heading" id="h-transactions-shake-amid-btc-price-fluctuations">Transactions Shake Amid BTC Price Fluctuations.</h2>  
<p>Amid the increasing volatility, the average transaction size over Bitcoin and the average balance have witnessed massive fluctuations, ranging from the 7-day high of $92,686 to a low of $34,518.&nbsp;</p>  
<figure class="wp-block-image size-large"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/11105948/BTC-Avg-Transaction-Size-Avg-Balance-1024x363.png" alt="BTC Transactions" class="wp-image-363833">
</figure>  
<p>The 7-day average transaction size stands at $76,547. Meanwhile, the average balance over the past seven days is $22,471.&nbsp;</p>  
<p>As the fluctuations in the transaction size and the average balance grow, they reflect the growing volatility in Bitcoin prices and overall network usage.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-s-amp-p-500-at-ath-warns-bitcoin-correction">S&amp;P 500 At ATH Warns Bitcoin Correction</h2>  
<p>In a recent X post, Martinez Ali, a crypto analyst, highlighted a pattern between the Bitcoin price and the S&amp;P 500. Currently, the S&amp;P 500 is trading near its all-time high levels. Meanwhile, Bitcoin has seen a massive drop.&nbsp;</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/ali_charts/status/1844390841680269456
 </div>
</figure>  
<p>The history between the S&amp;P 500 and Bitcoin reveals this as a general pattern. In September 2018, when the S&amp;P 500 peaked, Bitcoin had dropped by 68% in 2017-18. The pattern repeated in February 2020, when Bitcoin dropped 54% while the S&amp;P 500 was trading at its all-time high. It repeated again in December 2021, with Bitcoin dropping 40%. Currently, BTC price is trading at a 33% low from its all-time high, with the S&amp;P 500 continuing to make a new all-time high.</p>  
<h2 class="wp-block-heading" id="h-conclusion">Conclusion</h2>  
<p>Amid the chances of a double-bottom reversal, the $60k support of Bitcoin witnesses massive supply tension. With a momentary drop under $59k levels last night, the BTC price is losing critical support levels. Hence, price action traders can find the breakout entry opportunity a safer option than speculative moves.&nbsp;</p>

S&P 500 Hits ATH, Bitcoin Struggles at $60k: Is a Correction on the Horizon?

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