With Bitcoin approaching the $65K level, Manta Coin’s potential and market dynamics are of great importance to investors.

Bitcoin Price Faces Challenges at $65K Threshold

Bitcoin faces challenges as it approaches $65K, with the possibility of a short-term correction backed by analysts.

Highlights

  • #Bitcoin price is struggling to clear the $65K resistance, raising concerns of a short-term correction.

  • Technical analysts predict that if the $65K level is not broken, the price could drop to $62,350 and $61,555.

  • The long-term outlook is positive; SEC approval of options trading and a potential parabolic phase increase the likelihood of a move to $70K.

Bitcoin price is cautious as it approaches the $65K level. On Wednesday, BTC saw a $1,000 drop. However, some altcoins saw double-digit gains during the New York Stock Exchange session. The short-term outlook is a bit negative for BTC.

Bitcoin Price Under Pressure at $65K Resistance

A 3% rally on Tuesday took Bitcoin to $64,688, raising hopes among traders that the $65K resistance will be retested. However, Bitcoin failed to break past yesterday’s high, prompting a short-term correction. If the $65K resistance fails to turn into support, a sharp correction towards the $62,350 and $61,555 levels could occur at $BTC .

Popular crypto trader RektProof has a similar outlook for BTC, writing in his Telegram group that the recent highs are a bearish signal, while the long-term outlook could remain positive if sellers don’t follow suit. However, the trader emphasized that a short-term correction is possible after Monday’s highs.

Bitcoin Positive in the Long Term

Analyst Elja Boom presents the long-term outlook for Bitcoin with a weekly chart. According to this analyst, the parabolic phase has begun and Bitcoin is expected to rise in the next four months. A 500-day period is predicted during which BTC will continue to rise vertically. This means that Bitcoin’s next cycle peak will fall in late August 2025.

Market Relationship with Manta Coin

$MANTA The future of the coin could be significantly affected by Bitcoin’s price movements. Bitcoin’s rise could also lead to projects like Manta Coin gaining value. In addition, #SEC ’s approval of options trading could create a general positive atmosphere in the cryptocurrency market.

Manta Network Price Prediction

According to our current Manta Network price prediction, the Manta Network price is expected to increase by 228.13% to reach $2.78 by October 25, 2024. According to technical indicators, the current sentiment is Neutral, with the Fear and Greed Index at 59 (Greed). Manta Network has recorded 15/30 (50 percent) green days in the last 30 days and has a price volatility of 8.64%.

As of September 25, 2024

The overall Manta Network price forecast sentiment is neutral, with 17 technical analysis indicators giving positive signals and 8 giving negative signals.

Technical Indicators

Manta Network’s 200-day SMA is expected to decline next month and drop to $1.410503 as of October 25, 2024. Its short-term 50-day SMA is forecasted to reach $1.298475.

The Relative Strength Index (RSI) momentum oscillator is a popular indicator that shows whether a cryptocurrency is oversold (below 30) or overbought (above 70). The RSI value is currently 66.28, which suggests that the MANTA market is in a neutral position.

Support and Resistance Levels

Support levels for Manta Network are set at $0.818067, $0.789771 and the strongest support at $0.772457, while resistance levels are at $0.863677, $0.880991 and $0.909286.

In conclusion, Manta Coin’s connections with Bitcoin and its market dynamics present significant opportunities for investors. Fluctuations in Bitcoin prices may also create new opportunities for Manta Coin.