news.bitcoin.com
As of Oct. 14, 2024, bitcoin (BTC) is trading at $64,905, with its 24-hour range spanning from $62,059 to $64,915. The leading cryptocurrency’s market capitalization sits at $1.28 trillion, while 24-hour trading volume has reached $29.38 billion. Current market data suggests bitcoin is in a consolidation phase just below $65,000, with bullish momentum appearing to build on multiple timeframes.
Bitcoin
On the 1-hour chart, bitcoin experienced a notable rise from $62,500 to nearly $65,000, spurred by a significant volume increase. This movement reflects strong buying interest, though bitcoin is now consolidating below the $65,000 mark. Traders are closely monitoring for a breakout above this level, which could suggest further gains. Conversely, a dip below $64,500 might lead to short-term selling.
On the 4-hour chart, bitcoin is maintaining its upward momentum after a sharp rebound from a low of $58,867. This V-shaped recovery indicates strong positive momentum, though there is some resistance near the $65,000 level. A breakout above this point could signal further upward movement, while a decline below $63,500 may point to weakening sentiment.
On the daily chart, bitcoin has rebounded from its September low of $55,554 and is now testing the $65,000 resistance. A daily close above this level with solid volume could confirm a continued upward trend toward $66,508. However, failing to stay above $63,000 may indicate a potential bearish shift, making this level a critical one to watch.
In terms of technical indicators, oscillators like the relative strength index (RSI) and Stochastic show neutral signals, while momentum indicators such as the awesome oscillator and moving average convergence divergence (MACD) show bullish signals. All major moving averages, from the 10-day to the 200-day, are aligned in a bullish direction, further supporting the likelihood of upward price movement.
Bull Verdict:
If bitcoin breaks above the $65,000 resistance with strong volume, it could continue its upward trajectory toward the $66,508 level and potentially beyond. With key indicators showing buy signals and all major moving averages in alignment, the technical setup points to further gains, making it an attractive entry point for long positions.
Bear Verdict:
If bitcoin fails to surpass $65,000 and falls below the $63,500 support level, a short-term correction could be on the horizon. With resistance at key levels and the possibility of a bearish reversal, traders may look to take profits or wait for a more favorable entry point before re-entering the market.