Bitcoin (BTC) is currently showing a bullish technical trend on the daily chart, maintaining a bullish pattern supported by several technical indicators and recent events.
Technical Summary
1. Support and Resistance:
BTC recently broke through a critical resistance around $71,473, consolidating above this range. However, the next significant support is at $70,000, which, if lost, could lead to declines to $66,448.
2. Technical Indicators:
RSI (Relative Strength Index): Is at average levels, indicating that the asset is neither overbought nor oversold.
MACD: Shows a bullish trajectory, with the moving averages converging favorably.
CCI (Commodity Channel Index): Is rising, suggesting buying pressure.
Moving averages: Signal strong buying, especially in the 10, 20 and 50 period averages.
3. Volume and Dominance:
BTC's dominance in the market is at 60%, indicating preference by investors, especially in times of uncertainty with altcoins.
4. Fundamental Catalysts:
The growth of inflows into Bitcoin ETFs and macroeconomic factors, such as the US elections, may support new highs. In addition, analysts predict the potential to reach US$ 100,000 by early 2025, with highs expected between US$ 80,000 and US$ 90,000 for November and December.
Conclusion
BTC is technically strong, but still faces psychological barriers around US$ 75,000. It is essential to monitor the next moves with a close eye on the $70,000 support and the behavior of the RSI and trading volume. Strategies that combine technical analysis and macroeconomic factors can provide valuable insights for future investments.