Este artículo también está disponible en español.
In recent weeks, Bitcoin has been experiencing significant volatility, raising concerns among investors and traders. After failing to break through the pivotal resistance level of approximately $64,000, Bitcoin now faces increased risk. While many anticipated a robust rally in October following the Federal Reserve’s decision to cut interest rates, the expected surge seems to be on hold for the moment.
Related Insights
Critical Resistance Level: The $64,000 Mark
Renowned crypto analyst Carl Runefelt has provided his perspective on the current market scenario. He underscores the importance of the $64,000 resistance, highlighting that surpassing this level is essential for Bitcoin to regain bullish momentum. A successful breakout could potentially propel Bitcoin into a rally heading into Q4 2024. Without this critical breakout, Bitcoin might struggle to maintain upward momentum, leaving the market susceptible to further declines.
Market Sentiment and Bitcoin’s Future
The upcoming days are crucial for Bitcoin’s price trajectory, as traders and analysts keenly observe market reactions. As Q4 unfolds, Bitcoin’s performance could influence the broader cryptocurrency market. Investors are on edge, anticipating Bitcoin’s confrontation with the $64,000 level to determine whether the rally will continue or falter.
Bitcoin Analyst Predicts Possible Dip Below $60K
Following Bitcoin’s recent inability to breach the $64,000 mark, the cryptocurrency finds itself at a critical point, hovering around $62,000. This level will be decisive in determining whether Bitcoin can regain momentum and surpass local highs of $66,000 or dip further to $60,000 or even lower.
Growing Uncertainty Among Analysts
As the bullish sentiment that dominated the past few weeks starts to wane, uncertainty and fear are resurfacing in the market. Carl Runefelt, a leading crypto analyst, recently shared an in-depth technical analysis on X, outlining Bitcoin’s precarious situation. He points out that Bitcoin’s price structure has weakened after failing twice to breach the key resistance level. Each failure was followed by a drop below significant support levels, signaling potential further declines.
Potential Downside Risks
Runefelt has set a price target of $60,000, indicating a possible 5% dip from current levels if Bitcoin cannot recapture its previous momentum. He cautions that failure to maintain critical support at $60,000 could herald the onset of a deeper correction.
BTC Price Action: Key Levels to Monitor
Currently, Bitcoin is trading at $62,421 after failing to break through the daily 200 moving average (MA) at $63,538. Although the price recently surged by 25%, it subsequently experienced a sharp 10% dip, placing Bitcoin at a crucial juncture. If Bitcoin does not surpass local supply levels around $66,000, it faces considerable risk in the weeks ahead.
Challenges with the Daily 200 MA
The daily 200 MA has been a formidable resistance level for Bitcoin. If Bitcoin cannot reclaim this level soon, bearish momentum might intensify. Should Bitcoin fail to break through, analysts anticipate a deeper correction down to $57,500, a critical demand zone that could offer support. However, inability to maintain levels above this zone could indicate a more significant retracement.
Importance of Reclaiming the 200 MA
For Bitcoin to avoid further downside risks, bulls must push the price back above the daily 200 MA in the short term. The next few days will be pivotal in determining whether Bitcoin can stabilize or succumb to continued downward pressure.
