Bitcoin (BTC) Price Testing Key Resistance: Is a New All-Time High Imminent?

2024-10-23 23:00

Prominent analyst Crypto Yapper informed his followers that the price of Bitcoin (BTC), which is situated at a significant resistance level that could signal the next significant move, is going through a critical test. According to the analyst, the cryptocurrency is testing the upper limit of an expanding wedge formation at the moment, trading slightly below the $70,000 mark. 

Furthermore, because of this wedge that has grown over several months, Bitcoin has reached a critical position where traders and investors are anticipating a breakout that might lead to exponential price gains.

.rh-colortitlebox{margin-bottom:30px;background:#fff;line-height:24px;font-size:90%}.rh-colortitlebox .rh-colortitle-inbox{display:flex;align-content:center;padding:15px;font-weight:700;font-size:110%; line-height:25px}.rh-colortitlebox .rh-colortitle-inbox i{line-height:25px; margin:0 10px; font-size:23px}.rh-colortitlebox .rh-colortitle-inbox svg{width:25px;margin-right:10px}.rh-colortitlebox .rh-colortitle-inbox-label{flex-grow:1}.rh-colortitlebox .rh-colortitlebox-text{padding:20px}.rh-colortitlebox-text>*{margin-bottom:20px}.rh-colortitlebox-text>:last-child{margin-bottom:0} Celebrate Dogecoin and Make Big Gains with Doge2014!.rh-toggler-open{height:auto !important} .rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important} .rh-toggler-open .rh-tgl-hide{display:block !important} .rh-tgl-show, .rh-tgl-hide{cursor:pointer} .rh-contenttoggler *{box-sizing: border-box !important} .rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;} .rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +Show less – Bitcoin Chart Analysis: Broadening Wedge Pattern

Two divergent trend lines that show the spreading wedge on the daily chart symbolize the varying volatility of Bitcoin. Since April, Bitcoin’s price moves have been capped at roughly $70,000 by the upper trend line, which is indicated in red. 

Image Source: X/CryptoYapper

Buyers have stepped in any time the price has fallen toward the lower trend line, which is indicated in green, providing support in the meantime and keeping Bitcoin within this expanding structure.

Between these two trend lines, the price of bitcoin has fluctuated, exhibiting both accumulation and distribution phases. The latest rally has pushed BTC toward the upper boundary, testing the key resistance once again. A break above this level could result in a strong bullish continuation.

Resistance and Support Zones

The descending red trend line has been a significant resistance point, connecting multiple highs since early 2024. Bitcoin’s price is currently testing this line, which may be crucial for the cryptocurrency’s future direction. A significant upward surge that might drive Bitcoin into new all-time highs could result from its successful breach of this obstacle.

Conversely, the green support line has held firm during market corrections, offering a safety net for the price. This rising trend line indicates that buyers remain confident at lower price levels, preventing BTC from falling further.

Read Also: Chainlink (LINK) Price ‘Looking Strong’ as Bullish Pattern Emerges: Spike to $30 Possible if…

Potential Breakout and Market Sentiment

Crypto Yapper emphasizes the importance of the current formation, noting that if Bitcoin breaks bullish from the wedge, it could lead to exponential price moves. 

Traders are watching Bitcoin’s price action as it approaches the upper boundary. A successful breakout could pave the way for a rally, targeting previous highs and potentially surpassing the $70,000 mark.

Bitcoin might retrace toward the lower support line, posing short-term bearish risks, if it is unable to overcome the barrier. Because the broadening wedge pattern indicates both bullish and bearish situations based on how the price acts in the upcoming days, traders are recommended to wait for confirmation indications before making big moves.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

We recommend eToro Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.

The post Bitcoin (BTC) Price Testing Key Resistance: Is a New All-Time High Imminent? appeared first on CaptainAltcoin.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

ETH/LINK Price Action Candlestick Set (LINKETHPA) íà Currencies.ru

$ 467.1 (+0.48%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.85 %, 7d: 17.53 %
Cåãîäíÿ L: $453.49 - H: $467.1
Êàïèòàëèçàöèÿ $0 Rank 3676
Äîñòóïíî / Âñåãî 0 LINKETHPA

bitcoin significant resistance btc price level could

Èñòî÷íèê: captainaltcoin.com

bitcoin significant → Ðåçóëüòàòîâ: 126


Ôîòî:

Seeking an alternative to Bitcoin’s success? This new coin offers potential for significant gains

Cboe Digital has recently announced the launch of margin futures trading for Bitcoin (BTC). This has contributed to the already growing anticipation of significant price gains for Bitcoin. While top crypto coins, like BTC, have become too expensive to own, a new rebellious meme coin now offers the same growth potential akin to Bitcoin’s early […]

2023-11-21 18:25


Insurance Giant Sees Bitcoin As A “Store Of Value” And A “Potential For Significant Price Appreciation”

MassMutual CIO says it would take multiple market cycles to determine if Bitcoin serves as an inflation hedge. Meanwhile, Billionaire private equity investor Orlando Bravo asks, “How could you not love crypto?” The post Insurance Giant Sees Bitcoin As A “Store Of Value” And A “Potential For Significant Price Appreciation” first appeared on BitcoinExchangeGuide.

2021-10-1 17:11


Ôîòî:

Bitcoin Will See a “Significant Retracement” If It Falls Under $8,600: Here’s Why

Analysts expect Bitcoin to see a “significant retracement” if the cryptocurrency falls below the crucial $8,600 support in the coming few days. Related Reading: The Ethereum Investment Case Has This Unexpected Achilles’ Heel Bitcoin Must Hold the Mid-$8,000s, Analysts Explain Bitcoin moving under $8,600 will spell disaster for the bull case, a top trader has shared.

2020-6-17 15:00


Ôîòî:

Bitcoin Primely Positioned as U.S. Foreign Policy Pushes Rivals to Ditch Dollar

As President Donald Trump presides over geopolitical shape-shifting as the poster boy of separatist politics, the most significant clapback yet may be loss of confidence in the U. S. dollar. The dollar has been politically weaponized in the service of American interests and now other global powerhouses are betting on taking back control of their economies […] The post Bitcoin Primely Positioned as U.

2019-1-5 02:05


Ôîòî:

Grandma-Friendly Bitcoin Lightning Network Wallet Launches in Australia

A partnership to roll out Bitcoin payments using the Lightning Network across Australia went live January 4 with the beta launch of Wallet of Satoshi. 1000 Beta Wallets Launch The product of payment gateway Living Room of Satoshi (LRS) and TravelbyBit, billed as “Australia’s first cryptocurrency travel agency,” the wallet aims to bring Lightning payments to entry-level Bitcoin users.

2019-1-4 16:00


Ôîòî:

Next-gen Blockchain IOST is Gearing Up for Mainnet Launch, Now Accepting Node Applications

IOST, a next-generation blockchain is getting ready to compete with legacy networks like Ethereum and EOS with their Mainnet set to launch in less than 50 days time. With their innovative consensus mechanism, governance model and reward sharing across the network, IOST is aiming to take significant market share by delivering a more decentralised version of EOS with speeds […] Next-gen Blockchain IOST is Gearing Up for Mainnet Launch, Now Accepting Node Applications was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2019-1-2 17:02


Ôîòî:

Economic Rationality and the Bitcoin Network

The Bitcoin network has now been functioning for a decade. In that time, human beings have actively interacted with the system, participating as miners, running nodes, and making transactions. In addition to securing the network and increasing decentralization by contributing computing power, human beings have also played a significant role in the increase in the value of the cryptocurrency.

2018-12-31 12:00


Ôîòî:

Asian News Headlines Exert Significant Impact on Cryptocurrency Prices

A report published by Mosaic has found the Asian region to be exerting a leading influence within the cryptosphere, despite China’s ongoing crackdown on digital asset platforms. The study finds Asian news events to have a significant effect upon BTC price volatility and highlights the increasing number of cryptocurrency exchanges targeting Asian traders.

2018-12-22 14:15


Newest Diar Report Shows Significant Shift into OTC Bitcoin Markets by Traditional Investors

OTC physical Bitcoin(BTC) markets having higher liquidity have recently gained preference from institutional investors, as per an analysis published by the Research firm Diar published Dec. 17. According to the Diar report,there is a growing appetite for investment in OTC funds like the ones offered by Coinbase a leading American crypto exchange. Though OTC trade […]

2018-12-19 22:03


Ripple’s XRP Surges to Meet Key Resistance Area, Can it Continue Higher?

Ripple’s XRP started the week surging above the range it had formed from $0.29 to $0.31. It continued past resistance at $0.35 and currently trades around $0.38. $0.39 to $0.4 is the next important area to monitor, being an area of significant trading activity in the past and also being at a key psychological point for […] Ripple’s XRP Surges to Meet Key Resistance Area, Can it Continue Higher? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-12-19 18:19


äàëüøå åùå 77 íîâîñòåé →

Ïàðòíåðû Currencies.ru

Àíàëîã Notcoin - Blum - Èãðàé è çàðàáàòûâàé Ìîíåòû



Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

IGNA: Build Your Future and Prosper While Saving the Planet!

The IGNA token isn’t just another cryptocurrency — it’s a revolution! Imagine achieving substantial financial returns with a single investment while contributing to a sustainable future. IGNA is backed by tangible assets: real estate and operational pyrolysis plants, funded by the revenue generated to recycle waste and create value.

Here’s Why Whales Are Manipulating Kaspa (KAS) Price

The Kaspa price has been trading sideways for months now, and all big KAS enthusiasts out there need to accept this, whether they like it or not. In fact, in the last 30 days, Kaspa has lost 30% of its value, which means it’s now trading in the $0.