bullish

Rally

Bitcoin

Daily

<p>Bitcoin’s price is located in a key area at the moment and is one bullish breakout away from rallying toward a new all-time high.</p>
<h2 id="b-bitcoin-price-analysis-b"><b>Bitcoin Price Analysis</b></h2>
<p>By Edris Derakhshi (TradingRage)</p>
<h3 id="b-the-daily-chart-b"><b>The Daily Chart</b></h3>
<p>On the daily chart, the price has been rallying consistently over the past few days, following its rebound from $60K. With BTC also being above the 200-day moving average, which is located around the $64K level, the market can be considered bullish once again.</p>
<p>Therefore, it might only be a matter of time before BTC breaks above the $69K resistance level and climbs its way toward a new record high.</p>
<figure id="attachment_366893" aria-describedby="caption-attachment-366893" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-Daily-Oct-18-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a>
 <figcaption id="caption-attachment-366893" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h3 id="b-the-4-hour-chart-b"><b>The 4-Hour Chart</b></h3>
<p>The 4-hour chart also demonstrates clear bullish price action, with the market consistently making higher highs and lows. However, a worrying signal is emerging, as the RSI shows a clear bearish divergence between the two recent price highs.</p>
<p>If the market fails to break above the $69K resistance zone soon, a correction toward the $64K level would be probable.</p>
<figure id="attachment_366892" aria-describedby="caption-attachment-366892" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-18-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-366892 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-18-2024-scaled.jpg" alt="btc_price_chart_1810242" width="2560" height="1307" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-18-2024-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-18-2024-300x153.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-18-2024-1024x523.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-18-2024-768x392.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-18-2024-1536x784.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-18-2024-2048x1046.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSDT-4H-Oct-18-2024-50x26.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-366892" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h2 id="b-on-chain-analysis-b"><b>On-Chain Analysis</b></h2>
<p>By <a href="http://tradingrage.com" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Edris Derakhshi (TradingRage)</a></p>
<h3 id="b-bitcoin-open-interest-b"><b>Bitcoin Open Interest</b></h3>
<p>Bitcoin’s price seems determined to create a new all-time high in the coming weeks, as it’s approaching the $70K level with momentum. Meanwhile, optimism is also going through the roof as investors expect a new long-term rally to begin.</p>
<p>This chart demonstrates the Bitcoin open interest metric, which measures the number of open perpetual futures contracts. It’s a proxy for futures market sentiment, showing aggregate participation and optimism.</p>
<p>As seen, the open interest even leads the price, as it has already shown higher values over the past couple of years. While participation is necessary for a bull market, too much optimism might lead to an overheated futures market and, consequently, a long liquidation cascade, which would ultimately result in a crash.</p>
<figure id="attachment_366891" aria-describedby="caption-attachment-366891" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Open-Interest-All-Exchanges-All-Symbol-1-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-366891 size-full" src="https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Open-Interest-All-Exchanges-All-Symbol-1-scaled.jpg" alt="btc_open_interest_chart_1810241" width="2560" height="1440" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Open-Interest-All-Exchanges-All-Symbol-1-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Open-Interest-All-Exchanges-All-Symbol-1-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Open-Interest-All-Exchanges-All-Symbol-1-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Open-Interest-All-Exchanges-All-Symbol-1-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Open-Interest-All-Exchanges-All-Symbol-1-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Open-Interest-All-Exchanges-All-Symbol-1-2048x1152.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/10/Bitcoin-Open-Interest-All-Exchanges-All-Symbol-1-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-366891" class="wp-caption-text">
  Source: CryptoQuant
 </figcaption>
</figure>
<p>The post <a href="https://cryptopotato.com/bitcoin-price-analysis-btc-breaks-above-68000-as-traders-battle-for-a-rally-to-ath/" rel="noopener noreferrer nofollow">Bitcoin Price Analysis: BTC Breaks Above $68,000 as Traders Battle for a Rally to ATH</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Bitcoin Price Analysis: BTC Breaks Above $68,000 as Traders Battle for a Rally to ATH

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