bullish

Bitcoin

Daily

<p>Bitcoin is showing strong signs of a bullish recovery, with its price approaching the key $70K resistance level.</p>
<p>Buyers are focused on breaking this critical threshold, aiming for a new all-time high by the end of the year.</p>
<h2 id="technical-analysis">Technical Analysis</h2>
<p>By <a href="https://www.linkedin.com/in/shayan-navabi-522107248/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Shayan</a></p>
<h3 id="the-daily-chart">The Daily Chart</h3>
<p>Bitcoin’s price action on the daily chart reflects a significant bounce after finding support within the 0.5 ($56K) and 0.618 ($52K) Fibonacci retracement levels. This support zone has repeatedly halted bearish attempts and has acted as a base for buyers to re-enter the market.</p>
<p>The surge in buying pressure has allowed Bitcoin to reclaim the 100-day and 200-day moving averages, signaling a shift toward the bullish sentiment. Bitcoin is now testing the $70K resistance region, and a successful breakout could lead to a sharp upward move, potentially driven by a short squeeze, reinforcing the bullish trend.<a href="https://cryptopotato.com/wp-content/uploads/2024/10/BTC-D-2-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a></p>
<h3 id="the-4-hour-chart">The 4-Hour Chart</h3>
<p>On the 4-hour chart, Bitcoin’s bullish momentum is more apparent. The asset saw a strong bounce at the ascending wedge’s lower boundary near $58K, which fueled a powerful uptrend. This move pushed Bitcoin above its previous significant swing high at $66K, marking a higher high in the 4-hour timeframe.</p>
<p>Now, BTC is consolidating within a narrow range between $66K and $70K. A breakout above the $70K resistance level and the wedge’s upper boundary would confirm the continuation of the bullish trend, potentially pushing Bitcoin toward a new ATH in the mid-term.<a href="https://cryptopotato.com/wp-content/uploads/2024/10/BTC-4H-2-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="aligncenter size-full wp-image-368048" src="https://cryptopotato.com/wp-content/uploads/2024/10/BTC-4H-2-scaled.jpg" alt="" width="2560" height="1372" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/BTC-4H-2-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/10/BTC-4H-2-300x161.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/10/BTC-4H-2-1024x549.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/10/BTC-4H-2-768x411.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/10/BTC-4H-2-1536x823.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/10/BTC-4H-2-2048x1097.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/10/BTC-4H-2-50x27.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a></p>
<h2 id="on-chain-analysis">On-Chain Analysis</h2>
<p>By <a href="https://www.linkedin.com/in/shayan-navabi-522107248/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Shayan</a></p>
<p>Bitcoin is experiencing increasing buying pressure, and a breakout above the critical $70K level appears imminent. The futures market provides further insight into the underlying dynamics, suggesting that this threshold could trigger a significant short liquidation event, amplifying the uptrend.</p>
<p>The liquidity concentration has shifted above the $70K mark, making this price range a focal point for market participants. Large liquidity pools above this level indicate that a breakout would likely attract more buyers and force short sellers to close their positions, fueling upward momentum.</p>
<p>This scenario points toward a potential short-squeeze, where a cascade of short liquidations could propel Bitcoin beyond $70K. Given the current technical setup and futures market positioning, Bitcoin is expected to maintain upward pressure soon. A breakout could result in a swift move above $70K, with further gains likely as the liquidation process unfolds.<a href="https://cryptopotato.com/wp-content/uploads/2024/10/Binance_BTC_USDT_Liquidation_Heatmap6_month_2024_10_28_12_50_47-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="aligncenter size-full wp-image-368047" src="https://cryptopotato.com/wp-content/uploads/2024/10/Binance_BTC_USDT_Liquidation_Heatmap6_month_2024_10_28_12_50_47-scaled.jpg" alt="" width="2560" height="1877" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/Binance_BTC_USDT_Liquidation_Heatmap6_month_2024_10_28_12_50_47-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/10/Binance_BTC_USDT_Liquidation_Heatmap6_month_2024_10_28_12_50_47-300x220.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/10/Binance_BTC_USDT_Liquidation_Heatmap6_month_2024_10_28_12_50_47-1024x751.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/10/Binance_BTC_USDT_Liquidation_Heatmap6_month_2024_10_28_12_50_47-768x563.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/10/Binance_BTC_USDT_Liquidation_Heatmap6_month_2024_10_28_12_50_47-1536x1126.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/10/Binance_BTC_USDT_Liquidation_Heatmap6_month_2024_10_28_12_50_47-2048x1502.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/10/Binance_BTC_USDT_Liquidation_Heatmap6_month_2024_10_28_12_50_47-50x37.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a></p>
<p>The post <a href="https://cryptopotato.com/bitcoin-price-analysis-btc-has-to-reclaim-this-crucial-level-to-aim-for-new-all-time-highs/" rel="noopener noreferrer nofollow">Bitcoin Price Analysis: BTC Has to Reclaim This Crucial Level to Aim for New All-Time Highs</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Bitcoin Price Analysis: BTC Has to Reclaim This Crucial Level to Aim for New All-Time Highs

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