Bitcoin

Optimism

<ul class="wp-block-list">
 <li>Bitcoin targets $102K–$110K after a confirmed breakout from key resistance.</li>  
 <li>Holding above $66K on 3-day and weekly charts is crucial.</li>  
 <li>A dip below $66K may trigger a major shakeout before recovery.</li> 
</ul>  
<p>Bitcoin’s price action has reignited optimism among traders and investors. Recently, BTC surged past a Descending Broadening Wedge, followed by a successful retest that confirms the strength of this move. Now, Bitcoin’s path to the lofty $102K–$110K range hinges on one critical support— staying above $66K on the 3-day and weekly charts. The stakes are high, as a drop below this level could end the rally and dampen dreams of a six-figure BTC.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/egragcrypto/status/1853742596834697580
 </div>
</figure>  
<h2 class="wp-block-heading" id="h-retest-success-sparks-optimism-for-110k">Retest Success Sparks Optimism for $110K</h2>  
<p>According to <a href="https://twitter.com/egragcrypto/status/1843208924666679333" rel="noopener noreferrer nofollow">Egrag Crypto</a>, the retest of Bitcoin’s breakout level went smoothly, suggesting the rally remains strong. With this retest complete, Bitcoin’s path toward the $110K target looks more attainable.</p>  
<p>However, maintaining $66K as support is essential for any hope of reaching this milestone. This level serves as a psychological anchor for investors, reinforcing confidence in Bitcoin’s upward momentum. Even a minor dip here could shake that confidence.</p>  
<p>Holding above $66K signals that <a href="https://www.cnbc.com/2024/11/03/bitcoins-november-rally-could-be-held-up-by-election-volatility.html" rel="noopener noreferrer nofollow">Bitcoin’s rally</a> still has energy. Egrag Crypto emphasizes this threshold as Bitcoin’s lifeline in this rally, marking the difference between a continued rise and a potential stall.</p>  
<h2 class="wp-block-heading" id="h-a-possible-shakeout-ahead">A Possible Shakeout Ahead?</h2>  
<p>Egrag Crypto warns that a drop below $66K could lead to a significant pullback. This kind of dip might trigger fear and cause up to 95% of investors to lose faith in the <a href="https://cryptonewsland.com/bitcoin-bull-run-likely-to-follow-2024-u-s-election/" rel="noopener noreferrer nofollow">bull run</a>.</p>  
<p>Yet, a major pullback often acts as a shakeout—a temporary storm that clears weak hands from the market. In crypto, shakeouts function like resets, paving the way for a stronger rally.</p>  
<p>Bitcoin might dip deeply, but a rebound could bring it back on track to reach $110K. For those prepared to weather the storm, this potential shakeout could offer buying opportunities. While Bitcoin’s path to $110K holds promise, patience and resilience are crucial as this story unfolds.</p>   
<p>The post <a href="https://cryptonewsland.com/analyzing-bitcoins-path-to-110k/" rel="noopener noreferrer nofollow">Bitcoin’s Path to $110K: Breakout, Retests, and the Key $66K Level</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Bitcoin’s Path to $110K: Breakout, Retests, and the Key $66K Level

Table of Contents

Crypto News Land

Other articles published on Nov 6, 2024

Steer Clear of These 3 Common Cryptocurrency Scams

5 Best Cryptocurrencies To Invest Under Trump Presidency

Bitcoin’s Soaring Price, Pro-Crypto Election Wins, and a Promising Future: Key Highlights from To...

Arthur Hayes: 2024 Election Will Have Little Impact on Crypto Markets

Market Reactions Surge During the Presidential Elections

Solana vs Toncoin: Crypto Rankings Are Shifting – Here’s How

Join our free newsletter for daily crypto updates!