Bitcoin Market Update – October 21, 2024

As of October 21, 2024, Bitcoin (BTC) is showing strong bullish momentum after a period of consolidation. The cryptocurrency is trading above $68,000, with analysts pointing toward a potential rally to new all-time highs, depending on key resistance levels.

Key Support Levels:

$64,750 - $66,700: This range serves as a solid support, with over 275,000 BTC held by 382,000 addresses. If Bitcoin holds this range, it can maintain its bullish structure.

$60,760 - $62,790: A secondary support zone that could be tested if the first range fails, serving as a crucial demand zone.

Key Resistance Levels:

$70,180 - $71,430: This is a significant resistance range where over 433,000 BTC are held by 533,300 addresses. Breaking through this level could pave the way for Bitcoin to surpass its all-time highs.

Analysts also point out that Bitcoin is facing pressure from broader market factors, such as inflation concerns and Federal Reserve policies, which might add volatility to the market.

Overall, Bitcoin’s technical indicators suggest a potential breakout if it manages to overcome the current resistance levels, though holding above support zones is critical for sustained momentum. Keep a close eye on market trends and external economic factors, as they could impact BTC's trajectory.