Originally published on: October 04, 2024
The Bitcoin market is in for a wild ride as the price has taken a hit in the first days of October, dropping below $60,000 from a high of $66,000. Despite this setback, the overall trend has been upward in recent weeks, with the possibility of a bearish engulfing pattern on the horizon.
A closer look at the charts reveals key support levels between $60,500 and $57,400, signaling a potential bounce back. However, the resistance at the 200-EMA indicator suggests that Bitcoin may still face challenges ahead.
Independent analyst Dentoshi predicts a possible drop to $57,400 before seeing any significant recovery. The unfilled CME gap at $54,000 remains a critical area to watch as it could determine the future direction of Bitcoin’s price.
With liquidation levels indicating possible drops to $52,510, investors are advised to exercise caution and do their own research before making any decisions. The road ahead for Bitcoin may be uncertain, but with careful planning, traders can navigate the market volatility with confidence.
