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Заголовок Is Bitcoin Gearing for a Major Move to $65,000? (BTC Price Analysis)
Дата 20241006

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Is Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Gearing for a Major Move to $65,000? (BTC Price Analysis)

Is Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Gearing for a Major Move to $65,000? (BTC Price Analysis)

Author: CryptoVizArt

Last Updated Oct 6, 2024 @ 06:12

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s price has recently experienced a decline following news of conflict
in the Middle East. However, the market has seemingly found a footing.

Technical Analysis

By Edris Derakhshi (TradingRage)

The Daily Chart

The daily chart shows that the price has recently broken below the $64K level
and the 200-day moving average in the same area. However, the $60K support
zone has seemingly held BTC, pushing it back higher toward the 200-day moving
average.

If the market gets rejected from the 200 DMA, then a further drop toward the
$56K level and even the $52K level would be probable. Source: TradingView

The 4-Hour Chart

Looking at the 4-hour chart, it is evident that the market structure has gone
through a bearish shift, with a breakout below the bullish trendline a few
days ago.

However, the market has seemingly created a bottom at $60K, as the RSI was
also showing an oversold state. Therefore, everything now depends on whether
the price will be able to break above $64K or if it will be rejected and
pushed further down. Source: TradingView

On-Chain Analysis

By Edris Derakhshi (TradingRage)

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Net Realized Profit and Loss (NRPL)

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s price has been consolidating for more than six months now, and
market participants are still speculating whether the cycle top has formed or
whether higher prices will be seen shortly. Analyzing the Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Net Realized
Profit and Loss (NPRL) metric would be beneficial in this situation.

The metric measures the net profits or losses investors realize. Positive
values are associated with net profits, and negative values show net losses.

As evident, while the market has not demonstrated a significant crash yet and
has only been moving rangebound, the NRPL has already decreased to levels that
were last seen when the price was around $30K, and the bull market was only
beginning.

Therefore, if other factors do not drastically change, it could be concluded
that BTC might be preparing for a new bullish run in the coming months.
Source: CryptoQuant

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Cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта charts by TradingView.

Tags: Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin) Price

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