October Price Predication Update news

The technical picture of Bitcoin (BTC/USDT) on October 24 showed some interesting analytical points. The price of the cryptocurrency at the time of my most recent analysis was $33,500, indicating a positive 24-hour trend with an approximate gain of 4.5%.

With a significant market valuation of around $625 billion, Bitcoin maintains its dominant position in the market. Approximately 18.6 million BTC are in circulation, very close to the 21 million BTC ceiling.

The pivot point in the 4-hour chart was firmly located around $31,500. At $34,700, Bitcoin encountered instant opposition. At $36,071 and $38,770, it experienced further obstacles. On the negative side, $30,335 provided the most immediate assistance, which was followed by $29,201 and $28,403.

If Bitcoin is unable to overcome this barrier, the elevated RSI in conjunction with its struggles at the 1.414% Fibonacci extension mark at $34,700, might indicate a bearish correction.

Bitcoin is expected to test the $36,071 level shortly if it keeps up its momentum and crosses over the $34,700 barrier. Conversely, not doing so might cause a drop in the levels of immediate support.

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