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Daily Technical Analysis Research – Cryptocurrency (BITCOIN)

BITCOIN (BTC/USD):

As previously noted, Bitcoin’s price has been fluctuating between $50,000 and $70,000 for an extended period. Currently, there appears to be little certainty about which direction the price will move. However, it seems that there has been an attempt to reclaim support at the key psychological level of $60,000.

Daily Technical Analysis Research - Cryptocurrency (BITCOIN) - Screenshot 2024 10 07 at 14.03.58 1024x620

Taking a closer look at the technicals reveals a newly formed descending trend line, which could potentially act as resistance if price moves back into the $65,000 region. At the moment, there are no indications that the current upward movement is overbought on the RSI indicator; in fact, the RSI is trading fairly flat around the 50% level. Additionally, we have broken above the daily 50 EMA and appear to be holding this area as support.

Daily Technical Analysis Research - Cryptocurrency (BITCOIN) - Screenshot 2024 10 07 at 14.04.08 1024x623

Author

Matthew Hayward
Matthew is a well-experienced Market Analyst with a key focus on both Fundamental and Technical Analysis. He has experience in covering various market topics including Cryptocurrency, Foreign Exchange, Indices, and Commodities. He looks to provide we...
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