Originally published on: October 21, 2024
Bitcoin is back on track with a remarkable weekly close, reaching its highest level since June at over $69,000. Traders are analyzing various short-term scenarios, anticipating a potential pullback before a return to bullish momentum.
Famous trader CrypNuevo highlighted the challenge of surpassing the $69.3k liquidation level, emphasizing the importance of the 50-period EMA at $66,888 for a breakout confirmation. Meanwhile, analyst Daan Crypto Trades stressed the need for Bitcoin to lead the crypto market for a sustained breakout.
As the US macroeconomic data remains muted, all eyes are on the upcoming jobless claims report and the Federal Reserve’s “Beige Book” update. Inflation concerns persist, but the recent stock market rally seems to overlook these signals.
Market sentiment is also likely to be influenced by the upcoming earnings season and the US Presidential Election. The possibility of a 0.25% interest rate cut after the election has already led to a surge in the dollar.
Bitcoin’s recent price action has brought attention to a seven-month bullish breakout, signaling a potential move towards $70,000. However, some traders, like Peter Brandt, believe that Bitcoin may still be within a long-term upside pattern.
Despite hitting nearly $69,000, Bitcoin’s mainstream popularity remains surprisingly low, as indicated by Google Trends data. Retail interest in Bitcoin is at macro lows, suggesting that a rapid move to $90-100k could attract more attention.
Disclaimer: This article does not constitute investment advice. Readers should conduct their own research before making investment decisions. For more market insights, subscribe to our newsletter.