Bitcoin Continues Its Rebound And Reaches Again $66,000: Analysis Of October 15, 2024

After a difficult start to the month, Bitcoin rebounds with a rise of over 5% at the beginning of this week. Let’s examine the upcoming prospects for BTC’s performance.

Bitcoin (BTC) Performance Situation

After briefly falling below $60,000, Bitcoin attracted buying interest that allowed it to rebound and break through its resistance around $64,500. It’s interesting to note that this rebound occurred at the annual VWAP level, as well as in a Fibonacci retracement area and a significant value area. Moreover, this rebound occurred at a pivot point visible through several time frames.

A pivot point is a technical indicator used to identify levels of support and resistance, calculated from the high, low, and closing prices of the previous session.

All these elements highlight the importance of this support. At the time of writing, the Bitcoin rate is trading around $65,900. It has thus exceeded its key value areas as well as its 50- and 200-day moving averages. This makes it optimistic about the continuation of the bullish trend. BTC’s performance now seems to be heading towards the $66,500 resistance, forming “a cup with handle,” a chart pattern that suggests continued upside. Naturally, the momentum of the main cryptocurrency has rebounded, as evidenced by its oscillators as well as the price of Bitcoin itself.

The current technical analysis was conducted in collaboration with Elie FT, a passionate investor and trader on the cryptocurrency market. Today, he is a trainer at Family Trading, a community of thousands of active proprietary traders since 2017. You will find Lives, educational content, and mutual help around the financial markets in a professional and warm atmosphere.

Regarding the reasons for this rebound, here is the analysis of Ryan Lee, chief analyst at Bitget Research:

1. Positive Political Impact: The US presidential candidate and current vice-president has promised her support for a regulatory framework for digital currencies, which boosted the performance of the cryptocurrency market on Monday.
2. Reduction in Potential Selling Pressure: The bankrupt cryptocurrency exchange platform Mt. Gox postponed the deadline for the last repayment to creditors by an additional year last week. This helped alleviate concerns about the return of Bitcoin flooding the market and creating excessive selling pressure.
3. Significant Influx of ETFs: In the past 24 hours, a significant inflow of $555 million in BTC ETFs and $17 million in ETH ETFs has been observed, reflecting Wall Street institutional investors’ optimism towards crypto assets. This net capital inflow triggered a short-term price increase.

Focus on Derivatives (BTCUSDT)

The open interest of BTC perpetual contracts has risen, along with the underlying, indicating growing interest from speculators, mainly buying. These observations are confirmed by the CVD, which has also recently increased, indicating an acceleration in buy orders. Finally, it can be noted that the funding rates are positive, illustrating a well-present bullish pressure on Bitcoin perpetual contracts. Concerning liquidations, they are mostly sellers, which might indicate a recent capitulation of sellers on Bitcoin’s performance.

The liquidation heatmap indicates that BTC/USDT has crossed the liquidation zone highlighted in the October 09 analysis, located around $65,000. It seems that this zone did not trigger significant selling interest, with BTC’s performance continuing to rise. Now, the most important liquidation zone is situated just above the current performance, precisely around $67,000. Above that, there is a noted liquidation zone around $70,000. Below the current performance, a key area can be observed around $61,600.

Forecasts for Bitcoin (BTC) Performance

• If Bitcoin’s performance stays above $62,000, a target of $66,500 could be anticipated. Crossing this area could lead to $67,000. If the upward movement continues, one could foresee a progression up to $70,000. Higher, the $72,000 resistance can be noted, which would represent an increase of almost 9%.

• If Bitcoin fails to stay above $62,000, a return to $60,000 might be considered. The next support to watch, in case of continued downward movement, would be around $58,900. Lower, the area between $58,000 and $57,500 can be noted, representing a decrease of approximately 12%.

Conclusion

Bitcoin rebounded after a significant pullback, crossing a key resistance and confirming a bullish recovery. This movement was supported by several technical indicators, reinforcing confidence in the continuation of this positive dynamic. With a favorable market configuration, the cryptocurrency shows encouraging signs for the continuation of the bullish trend. However, it remains essential to closely monitor the price’s reaction to key levels to validate or adjust current forecasts. Finally, remember that these analyses are based solely on technical criteria, and cryptocurrency prices can change rapidly based on other more fundamental factors.