Bitcoin Today’s Market Analysis – October 12, 2024
current price
Bitcoin (BTC) is currently trading at $62,608.00, up +3.35% in the past 24 hours.
Key support and resistance levels
Support level:
$60,577 (long-term support)
$61,000 (short-term support)
Resistance level:
$66,000 (mid-term resistance)
$67,349 (upper rectangular pattern resistance)
$70,000 (long-term resistance)
recent trends
Short term: Bitcoin has broken out of the top of a downtrend channel, indicating that the decline may slow or turn sideways. In the short term, the overall trend is slightly negative.
Mid-term: Currently trading within a sideways channel, indicating uncertain investor sentiment. Significant resistance lies at $66,000 and support at $53,767.
Long-term: Long-term uptrend, with support at $53,000 and resistance around $70,000, with a cautiously optimistic outlook.
News and events worth noting
1. Federal Reserve policy: The Federal Reserve may cut interest rates, which will be beneficial to Bitcoin and other risk assets, and market sentiment has turned optimistic.
2. Market resilience: The entire crypto market increased its market value by 8.0% in September 2024, positively affecting Bitcoin.
3. Technical Indicators: Technical analysis shows mixed signals, with the overall analysis slightly negative, but strong resistance and support indicating the potential for market volatility.
Summarize
As of October 12, 2024, the current price of Bitcoin is $62,608, the key resistance is $66,000, and the support is $60,577. Be cautious in the short term, as long-term trends point to further gains if key resistance is exceeded. Recent policies can affect market sentiment.
