Based

bullish

2024

Bitcoin

Reversal

<p>Over the last volatile week in the crypto market, the Bitcoin price resonated between the $69,000 and $65,000 mark. Currently, the Bitcoin price is trading at $68,217 with an intraday gain of 0.41%.&nbsp;</p>  
<p>With a bullish turnaround, will the BTC price record a swing high above the $70,000 threshold this week? Check out our Bitcoin price analysis to find out now!</p>  
<h2 class="wp-block-heading" id="h-bitcoin-btc-price-analysis">Bitcoin (BTC) Price Analysis</h2>  
<p>The minor recovery in Bitcoin (BTC) price marks a positive start to this week and continues the bullish momentum gained over the weekend. Following the massive drop of 2.31% on Friday, Bitcoin rose by 0.64% and 1.40% on Saturday and Sunday, respectively.&nbsp;</p>  
<p>The Bitcoin recovery rally is gaining momentum and has sustained dominance over the $68,000 mark. In the daily chart, the minor pullback before the weekend counts as a retest of the resistance trendline breakout.&nbsp;</p>  
<figure class="wp-block-image size-large"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/28163228/elpHgMfo-1024x511.png" alt="Bitcoin (BTC) price chart" class="wp-image-373291">
</figure>  
<p><a href="https://www.tradingview.com/x/elpHgMfo/" target="_blank" rel="noopener noreferrer nofollow">Tradingview</a></p>  
<p>Based on the Fibonacci level, the reversal started at 78.60% Fibonacci and took support at 61.80% Fibonacci level at $66,167. The bullish reversal is ready to challenge the 78.60% level as the BTC price recovers. Meanwhile, the growing bullish influence increases the possibility of an uptrend continuation.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-double-bottom-reversal-in-btc-price">Double Bottom Reversal in BTC Price</h2>  
<p>In the 4-hour chart, the BTC price action reveals a double-bottom reversal with massive divergence in the RSI line, teasing a bullish comeback. Currently, the BTC price is retesting the neckline at $68,200 as it has given up takeouts without bullish engulfing candles.&nbsp;</p>  
<figure class="wp-block-image size-large"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/28163235/gf1TuggZ-1024x511.png" alt="BTC price chart" class="wp-image-373292">
</figure>  
<p><a href="https://www.tradingview.com/x/gf1TuggZ/" target="_blank" rel="noopener noreferrer nofollow">Tradingview</a></p>  
<p>Based on the trend-based Fibonacci level, the uptrend is yet to surpass the 23.60% level at $68,359 in the 4-hour chart. A bullish breakout will likely surpass the $70,000 mark to reach the 60% Fibonacci level at $70,817.&nbsp;</p>  
<p>With the recovery rally gaining momentum, the short-term upside targets are the 78.60% and 100% Fibonacci levels at $73,500 and $75,500.</p>  
<h2 class="wp-block-heading" id="h-bitcoin-etfs-witness-3-5b-net-inflow-in-3-weeks">Bitcoin ETFs Witness ~$3.5B Net Inflow in 3 Weeks</h2>  
<p>As the bullish trend in Bitcoin gradually gains momentum, institutional support continues to grow. Over the last three weeks, the US spot Bitcoin ETFs have registered a net inflow each week.&nbsp;</p>  
<figure class="wp-block-image size-large"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/28162422/Bitcoin-ETFs-1024x364.png" alt="Bitcoin ETFs" class="wp-image-373287">
</figure>  
<p>In the last three weeks, the net inflow accounts for ~$3.5B and is likely to continue the trend this week. IBIT currently holds $26.98 billion worth of BTC tokens and remains the biggest U.S. spot Bitcoin ETF. Hence, the rising support from institutions will likely fuel the next bull run in Bitcoin (BTC) prices.&nbsp;</p>  
<p>Curious to know if Bitcoin will hit $100k in 2024? Find a technically 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!</p>

Here’s Why Bitcoin is not returning to $65k in 2024!

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