bullish

2024

Bitcoin

Read

Crossing above the $64,000 mark, the Bitcoin price has increased by 1.89% in the past 24 hours. With a market cap of $1.26 trillion, Bitcoin dominates 56.7% of the crypto market.&nbsp;  
Currently, Bitcoin is trading at $64,066, with an intraday gain of 1.94%. Will a potential breakout run in Bitcoin result in a new all-time high month? Read our BTC price analysis now to know more.  
<h2 class="wp-block-heading" id="h-bitcoin-btc-price-analysis">Bitcoin (BTC) Price Analysis</h2>  
In the daily chart, the BTC price action reveals a bullish reversal, starting with a morning star pattern, nearly 200 EMA, gaining momentum. From its 7-day low at $58,867, Bitcoin has increased by 8.83% in the past four days.&nbsp;  
Furthermore, a double-bottom reversal is witnessed from the 200-day EMA to cross above the 50% Fibonacci level at $63,847.&nbsp;  
With a bullish pattern breakout, surpassing a crucial resistance of 50% Fibonacci, Bitcoin is ready to challenge the overhead trendline. The overhead trendline completes a channel pattern of a bullish flag, containing momentum for over the past six months.&nbsp;  
<figure class="wp-block-image size-large"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/14131442/9umMr00e-1024x511.png" alt="" class="wp-image-365474">
</figure>  
<a href="https://www.tradingview.com/x/9umMr00e" target="_blank" rel="noopener noreferrer nofollow">tradingview</a>  
In the daily chart, the Supertrend indicator reveals the BTC price sustaining in the buying segment with a bullish crossover in the MACD and signal line. Hence, the technical indicators maintain a buy signal for BTC.  
With a bullish breakout of the overhead trendline, Bitcoin will likely challenge the 78.60% and 100% Fibonacci levels at $69,471 and $73,679, respectively.&nbsp;  
<h2 class="wp-block-heading" id="h-closer-inspection-in-4h-chart">Closer Inspection in 4H Chart</h2>  
In the 4-hour chart, a closer inspection of the price action reveals a pullback breakout rally. With three consecutive bullish engulfing candles, the BTC price action surpasses a crucial resistance at 61.80% Fibonacci level at $63,560 in the 4-hour chart.&nbsp;  
<figure class="wp-block-image size-large"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/14131319/lwjvyyNp-1024x511.png" alt="Bitcoin price chart" class="wp-image-365472">
</figure>  
<a href="https://www.tradingview.com/x/lwjvyyNp" target="_blank" rel="noopener noreferrer nofollow">Tradingview</a>  
Furthermore, the massive divergence in the 4-hour RSI line supported the bull run in the double-bottom reversal. Thus, the momentum indicator reflects massive underlying demand. The 4-hour Bitcoin candle reveals a lower price rejection from the 61.80% level, reflecting a second post-retest reversal.&nbsp;  
In the 4-hour chart, the Fibonacci levels paint a short-term target at $65,969, $67,684, and $69,865. On the flip side, the 50-day and 200-day EMA maintain a positive alignment and provide dynamic support at $62,400, $62,000, and $61,900.&nbsp;  
<h2 class="wp-block-heading" id="h-bitcoin-derivatives-support-uptrend-with-open-interest-crossing-36b">Bitcoin Derivatives Support Uptrend With Open Interest Crossing $36B</h2>  
As the BTC price gains momentum, the derivatives market reveals a positive change in the underlying sentiment of the leveraged traders. The Bitcoin trading volume has increased by 74% and is close to the $50 billion mark. Further, the BTC open interest has increased by 3.84% to cross the $36 billion mark.&nbsp;  
Meanwhile, the Bitcoin options open interest stands at $20.94 billion with a 1.20% rise and a 1.23 billion volume, reflecting a 118.53% surge. The 24-hour long-to-short ratio for BTC stands at 1.064, reflecting a higher number of long-sighted positions. Meanwhile, the BTC traders over Binance maintain a similar long-to-short ratio, either based on accounts or positions.&nbsp;  
Supporting the bullish data, the 24-hour liquidations account for $53.18 million, constituting $40.82 billion in short positions liquidating.&nbsp;  
Curious to know if Bitcoin will hit $100k in 2024? Find a technical and logically driven answer in Coinpedia’s <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">BTC price prediction </a>for 2024 to 2030!

Bitcoin Crosses $64k: Will BTC Price Reach $70k as Open Interest Hits $36B?

Table of Contents

CoinPedia News

Other articles published on Oct 14, 2024

Nick Szabo, Len Sassaman, or Someone Else: Who is the Real Satoshi Nakamoto?

5 altcoins under $1.20 with the potential for 55x returns by late November 2024

Qubetics Takes the Lead in Presale with Decentralized VPN—What’s Next for Solana and EcoChain?

How Onchain Consumer Apps are Disrupting Web2: A Deep Dive into Meme Culture and the Future of Us...

XRP Price Performance Disappoints Traders, PropiChain’s Whitelist Presale Becomes Best DeFi Token...

Donald Trump Announces WLFI Tokens to Go on Sale Tuesday

Join our free newsletter for daily crypto updates!