bullish

Candle

Strong

Bitcoin

<ul class="wp-block-list">
 <li>Bitcoin targets $71K as strong technical indicators suggest continued bullish momentum.</li>
 <li>Key resistance lies at $69,000 and $70,000, with support around $66,500 and $64,000.</li>
 <li>External factors like Fed policies and SEC actions may impact Bitcoin’s price movement.</li>
</ul>
<p><a href="https://cryptonewsland.com/bitcoin-bull-run-persists-analysts-forecast-100k-all-time-high-by-december/" rel="noopener noreferrer nofollow">Bitcoin’s recent price surge</a> has drawn plenty of attention. With just a few days left in October, the monthly candle looks strong, hinting at a possible run to $71,000. Bulls seem in control, pushing prices above key technical levels. But can this momentum last, or will resistance hold the line?</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> Next Target: $71,000 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f3af.png" alt="🎯" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>The monthly candle is looking strong with just a few days left. <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> seems set to reach $71,000 before the month closes. <a href="https://t.co/NvFS6FCamY" rel="noopener noreferrer nofollow">pic.twitter.com/NvFS6FCamY</a></p>— Titan of Crypto (@Washigorira) <a href="https://twitter.com/Washigorira/status/1850495572110655965?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 27, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h2 class="wp-block-heading" id="h-bulls-eye-71-000-as-momentum-builds">Bulls Eye $71,000 as Momentum Builds</h2>
<p><a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">BTC</a> trades above both the 50-day and 200-day EMAs, signaling a bullish trend. A break past $67,500 could set off a rally toward $69,000. From there, a move back to the October 21 high of $69,402 may pave the way to $70,000.</p>
<p>If momentum continues, BTC could test the all-time high of $73,808. Technical patterns back up this optimistic outlook. The descending broadening wedge on the daily chart shows bullish pressure building. Last week’s close above this pattern hinted at a breakout, driving Bitcoin higher.</p>
<p>The 50- and 200-day SMAs also sit below the current price, suggesting a solid foundation for further gains. Meanwhile, the RSI, reading 57.34, indicates there’s room for a rally before overbought conditions appear.</p>
<h2 class="wp-block-heading" id="h-support-and-resistance-levels-hold-the-key">Support and Resistance Levels Hold the Key</h2>
<p>While the <a href="https://cryptonewsland.com/116000-btc-price-bullish-pattern-bull-movement/" rel="noopener noreferrer nofollow">trend leans bullish</a>, caution is still necessary. A slip below $66,500 might signal a pullback toward $64,000. Here, the 50-day EMA aligns with strong support, potentially increasing buying pressure. Traders will want to watch this level closely.</p>
<p>External factors could also impact Bitcoin’s movement. <a href="https://www.investopedia.com/terms/f/federalfundsrate.asp" rel="noopener noreferrer nofollow">The Federal Reserve’s rate policies</a>, the upcoming U.S. elections, and SEC decisions may all play a role in BTC’s path. These events could either fuel a rally or apply downward pressure, depending on how they unfold.</p>
<p>For now, the $71,000 target might soon become a reality if Bitcoin holds steady. Whether this signals a new surge or a temporary peak remains uncertain. But with technical indicators leaning bullish, traders and investors are ready for another push toward history.</p>
<p>The post <a href="https://cryptonewsland.com/btc-sets-sights-on-71k/" rel="noopener noreferrer nofollow">BTC Sets Sights on $71K: Will the Strong Monthly Candle Attract Bulls?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

BTC Sets Sights on $71K: Will the Strong Monthly Candle Attract Bulls?

Table of Contents

Crypto News Land

Other articles published on Oct 28, 2024

LUNC News: Terra Classic Community Backs Orbit Labs’ Plan to Boost Network Sustainability

Hong Kong Stock Exchange to Launch Bitcoin and Ether Indices Next Month

Mega week: Jobs, GDP and big tech earnings set to hit Wall Street

Bitcoin as Legal Tender? Suriname Presidential Candidate Makes Bold BTC Promise

Crypto Price Analysis November 2024: Bitcoin: BTC, Ethereum: ETH, Solana: SOL, Dogecoin: DOGE, RI...

Bitchemical LAB&AI Roadmap Update

Join our free newsletter for daily crypto updates!