Originally published on: October 24, 2024
Bitcoin is facing a critical juncture as traders closely monitor key support levels amid a recent price dip. Keith Alan, co-founder of trading resource Material Indicators, highlights the importance of an old top from April 2021 that Bitcoin must hold to maintain its upward momentum.
After hitting a high of $69,000, Bitcoin retraced this week, causing some concern among investors. However, sellers were unable to maintain control for long, resulting in a bounce back from 10-day lows. As stop-loss levels were triggered, BTC briefly dipped to $65,000 before rebounding above $67,000.
Alan emphasizes the significance of the 21-week simple moving average (SMA) at $62,700, stating that any breach below this level could signal a shift in the short-term uptrend. This level is crucial for Bitcoin to avoid a deeper correction and maintain its current trajectory.
Despite the recent volatility, some traders remain optimistic about Bitcoin’s future. CrypNuevot is confident that the worst is over, while analyst Michaël van de Poppe predicts a return to all-time highs within the next month.
As uncertainty looms over the upcoming US presidential election and Federal Reserve interest rate decision, Bitcoin’s price may continue to experience fluctuations. Traders are advised to exercise caution and conduct their own research before making any investment decisions. Stay informed with critical insights and market updates by subscribing to the Markets Outlook newsletter today.