Bitcoin is trying to break out of the descending parallel channel it has been stuck in for months. After a long struggle, the price of Bitcoin has finally risen above $61,000 again. In the past 24 hours, the price surged by 3.58% and touched $64,280. Soon, it was rejected by the resistance zone. It started to fall again. Let's explore what happened in the market in the past few hours and what we can expect.
Bitcoin stuck in a parallel channel
The parallel channel that started in the second week of March this year did not allow Bitcoin to pass through. This caused BTC to continue its overall downward trend. The price is currently located at $63,905 and is trying to overcome the resistance pressure in the $64,000 area.
The medium of the parallel channel prevented Bitcoin from falling below $60,000 and provided it with the necessary support. The latest support level is another trend line, which also started in March. This recent active trend support level is also reinforced by the presence of the moving average 100 at the same location.
Other Market Indicators
Looking at other technical indicators, we can see support for the rise in Bitcoin price. The RSI rose from 30 to 63.74 on October 10. The MACD histogram, which shows weakening buyer power, has started to fill up with green again. This shows that investors and traders are supporting the rise in price. The MACD line was about to cross the signal line but retraced and started to rise again.
Clearing Area and Data
The sudden rise in Bitcoin’s price caused 54,630 traders to be liquidated. This resulted in the elimination of approximately $167 million in trades. On top of that, the massive liquidations occurred in the last 12 hours, causing $107.6 million worth of traders to disappear. Most of the liquidations occurred on short traders.
What to expect?
Looking at the chart and other market indicators, it is clear that Bitcoin is trying to break through the $64,000 resistance level. This event in the opening week is a good sign that can lead the market to break through $67,000 before the weekend. However, there is a high chance of rejection, which could lead the price back down to $62,000. Now everything depends on the actions of investors to support the price. jmay1130
