Originally published on: October 15, 2024
The Bitcoin price surged towards $68,000 during the Wall Street trading session on October 15, signaling a potential challenge to its 8-month downtrend. Analysts are advising traders to keep a close eye on the old all-time highs as BTC continues its upward momentum.
As seen on the BTC/USD 1-hour chart, the cryptocurrency gained over 2% before consolidating, approaching a key psychological level not seen in months – its previous all-time high from 2021. Market experts like Skew are optimistic about the current market structure, predicting a sustained rebound if BTC manages to break above $69,000, the site of its 2021 peak.
Skew’s analysis also points to the Relative Strength Index (RSI) values remaining above 50, a crucial factor in prolonged bull runs. Another analyst, Rekt Capital, highlighted a breakout above mid-term highs from August, suggesting that BTC needs a weekly close inside the red resistance to initiate a breakout from the channel.
While areas of ask liquidity are yet to be replenished above the spot price, buyer interest remains strong at $65,000. With attention on the recent surge in US spot Bitcoin ETF net inflows, the market is watching closely to see if the optimism can be maintained.
Despite the positive outlook, it’s crucial for investors to conduct their own research and exercise caution when making investment decisions. Stay updated on the latest market trends and insights by subscribing to our newsletter for exclusive content.
