Market Analysis

Bitcoin Gains Momentum as Buyers Target Key $70,000 Resistance

Dupoin · 15 Oct 202477.8K Views

BTCUSD

Prediction: Decrease

Fundamental Analysis:

October has historically been Bitcoin’s most bullish month, and a rally on October 14th has pushed the monthly gain to 4%, fueling optimism that the worst might be behind us. Analysts predict that if Bitcoin surpasses the crucial $70,000 resistance level, its momentum could intensify. CoinShares’ latest report on digital asset fund flows revealed an inflow of $419 million into Bitcoin investment products at the beginning of the week. James Butterfill, CoinShares' head of research, noted that these inflows are largely driven by the U.S. election rather than monetary policy expectations.

Technical Analysis:

Bitcoin is currently in a strong uptrend, having convincingly broken past the $65,000 resistance level. This indicates that buyers have regained control and may soon attempt to breach the next resistance at $66,500. Over the weekend, sellers tried to push the price below the 20-day moving average of $62,500, but buyers stepped in, triggering a sharp rebound. While resistance at $66,500 remains a hurdle, if buyers maintain the price above $65,000, a breakout could occur, potentially pushing the price up toward the $70,000 mark. Sellers are expected to fiercely defend the $70,000 to $73,777 range. For bears to regain momentum, they would need to drive the price back below key moving averages, possibly targeting the $60,000 support level.

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