Bitcoin

Parallel

Rise

<p>Bitcoin is trying to break out of the downward parallel channel that has confined it for months. After a long struggle, BTC's price has once again risen above $61,000. In the last 24 hours, it surged by 3.58%, reaching a high of $64,280 before hitting resistance and <a href="https://coinpedia.org/price-analysis/182m-liquidated-as-bitcoin-battles-61k-whats-next-for-btc/" target="_blank" rel="noreferrer noopener">starting to decline. </a></p>   
<p>Let’s explore the recent market developments and what we can expect next.</p>   
<h2 class="wp-block-heading" id="h-bitcoin-stuck-in-parallel-channel">Bitcoin Stuck In Parallel Channel</h2>   
<p>The downward parallel channel, which began in the second week of March, has consistently limited Bitcoin's upward movement, leading to an overall downward trend. Currently, the price is around $63,905 as it attempts to overcome resistance in the $64,000 zone.</p>   
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 <img src="https://image.coinpedia.org/wp-content/uploads/2024/10/14123329/Screenshot-2024-10-14-114407-1-1024x463.png" alt="" class="wp-image-365413" style="width: 100%;height:auto">
</figure>   
<p>This parallel channel has kept Bitcoin from falling below $60,000, providing essential support. The latest support line is another trend line that started in March, reinforced by the 100-day Moving Average at the same level.</p>   
<h2 class="wp-block-heading" id="h-other-market-metrics-you-should-watch">Other Market Metrics You Should Watch </h2>   
<p>Looking at other technical indicators shows strong support for a price increase. The Relative Strength Index (RSI) has risen to 63.74 from 30 on October 10, indicating increasing momentum. The MACD histogram, which had previously shown a decline in buying power, is now green again, signaling renewed interest from investors. </p>   
<p>Although the MACD line was about to cross below the signal line, it has since retraced and is starting to rise.</p>   
<h2 class="wp-block-heading" id="h-liquidation-wave-hits-traders">Liquidation Wave Hits Traders</h2>   
<p>The recent spike in Bitcoin's price led to the liquidation of 54,630 traders, resulting in around $167 million in washed-out trades. Most of this liquidation occurred in the last 12 hours, with $107.60 million coming from short positions.</p>   
<figure class="wp-block-image aligncenter size-full is-resized">
 <img src="https://image.coinpedia.org/wp-content/uploads/2024/10/14123420/Screenshot-2024-10-14-114423.png" alt="bitcoin liquidation data" class="wp-image-365415" style="width: 100%;height:auto">
</figure>   
<h2 class="wp-block-heading" id="h-what-lies-ahead-for-bitcoin">What Lies Ahead for Bitcoin?</h2>   
<p>From the current chart and market indicators, it's clear that Bitcoin is trying to break the $64,000 resistance. This crucial week could push the price above $67,000 by the weekend. However, there is a significant chance of rejection, which could see prices retreating to $62,000. Ultimately, Bitcoin's direction will depend on investor support in the coming hours.</p>   
<p><strong>The fate of Bitcoin's price hangs in the balance. Will it break free or remain trapped? Share your analysis.</strong></p>

Crypto Market Analysis: Bitcoin Price Breaks $64,000 – What’s Next?

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