Originally published on: October 09, 2024
Bitcoin traders have been closely monitoring the market as the price of Bitcoin hovers around $60,921.40, unable to break through the critical 200-day simple moving average (SMA) resistance. Analysts suggest that until Bitcoin establishes the 200-MA as support, new highs may be out of reach.
The cryptocurrency has been moving within a narrow range of $54,000 to $72,000 since its record high of $73,835 on March 14. Uncertainty surrounds the price direction as global events and economic policies impact market dynamics.
Despite several attempts to surpass the 200-day SMA resistance at $63,525, Bitcoin has struggled to gain momentum. Analysts like Alan Santana point to the recent price action as indicative of the ongoing resistance. The 50-day SMA is now seen as a critical support level for Bitcoin.
Market intelligence firm IntoTheBlock’s data reveals that Bitcoin is currently sandwiched between key support and resistance zones based on the IOMAP model. With significant buying and selling pressure at different price levels, the tug-of-war between bulls and bears intensifies.
High bid and ask orders around the spot price suggest a stalemate in the market, indicating a lack of clear direction. Moreover, Bitcoin’s historical volatility remains low, signaling a period of rangebound trading.
As Bitcoin traders navigate these uncertain waters, it is essential to conduct thorough research and analysis before making investment decisions. Stay informed and subscribe to the Markets Outlook newsletter for expert insights and market updates every Monday.
