FalconX

Convergence

Optimism

Rekt

Dent

Bitcoin’s recent price movements have seen a dip, but optimism remains strong among traders. According to data from TradingView, BTC fell to $66,063 on Bitstamp, marking a 1.5% drop on the day. With the $69,000 level still acting as key resistance, traders have been analyzing the short-term trend closely. 
<figure id="attachment_52239" aria-describedby="caption-attachment-52239" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-52239 size-full" src="https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-2.png" alt="BTC 1D price chart" width="1200" height="800" title="Bitcoin Price Consolidation Fails to Dent Market Optimism 25" srcset="https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-2.png 1200w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-2-300x200.png 300w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-2-1024x683.png 1024w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-2-768x512.png 768w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-2-750x500.png 750w, https://crypto.ro/en/wp-content/uploads/2024/10/BTC_1D_graph_coinmarketcap-2-1140x760.png 1140w" sizes="(max-width: 1200px) 100vw, 1200px">
 <figcaption id="caption-attachment-52239" class="wp-caption-text">
 BTC 1D price chart
 </figcaption>
</figure> 
Prominent trader Rekt Capital highlighted the importance of the weekly close, noting that <a href="https://crypto.ro/en/cryptocurrencies/bitcoin">Bitcoin</a> needs to secure a position above $66,500 to confirm strength in the trend. The trader pointed out that a retest of the $66,500 level, previously a resistance point, could now become support, as long as Bitcoin manages to close the week above it. 
<img decoding="async" src="https://s3.cointelegraph.com/uploads/2024-10/0192b98b-4a27-7d71-9f5d-37371ec60fd4" alt="0192b98b 4a27 7d71 9f5d 37371ec60fd4" title="Bitcoin Price Consolidation Fails to Dent Market Optimism 26"> 
Another optimistic viewpoint comes from market analyst CryptoBullet, who emphasized the bullish signal of the MACD (Moving Average Convergence Divergence) indicator. According to CryptoBullet, this crossover, last seen in October 2023, could indicate that Bitcoin is breaking out of its multi-month consolidation, potentially leading to a new all-time high. 
On the macro front, major events like the upcoming U.S. Presidential Election and the Federal Reserve’s decision on interest rates are seen as key factors influencing the crypto market. Trading firm QCP Capital has pointed to the upcoming nonfarm payroll (NFP) report, set for release on November 1, as crucial data that could shape the Federal Reserve’s interest rate decisions. 
Traders are also positioning themselves in the options market, with a preference for call options around $68,000 and $80,000, suggesting an upward bias. Despite market uncertainty, analysts like David Lawant from FalconX believe that Bitcoin is likely to perform well, regardless of the election outcome, with many investors focused on capturing potential upside rather than hedging downside risk.

Bitcoin Price Consolidation Fails to Dent Market Optimism

crypto.ro global

Other articles published on Oct 23, 2024

BlockDAG Celebrates Successful Presale: New Brand Video Unveiled | Insights on Kaspa Price Predic...

Canary Capital Submits Landmark S-1 Filing for Litecoin ETF with SEC

Blockchain Innovations: Qubetics’ Wallet Security, Theta’s Streaming, and ICP’s Internet Services

Ethereum blobs entered price discovery for the first time since August’s Dencun upgrade

U.S. Bitcoin ETFs See Significant Withdrawals

WLD Price Declines 5% Amid Worldcoin’s Rebranding and Orb 2.0 Debut

Join our free newsletter for daily crypto updates!