Bitcoin (BTC) Price Could Rebound On The Previous Support Zone

The BTCUSDT price has been on a downtrend between July and August, with a series of lower highs and lower lows over that period. Bitcoin dropped to approximately

Cryptocurrency price updates and analysis for October 3 include Bitcoin, which rose slightly, and Flockerz, a new vote-to-earn meme coin.

The Bitcoin price edged up 0.7% in the last 24 hours to trade at $61,424 as of 3:20 a.m. EST on a 5.3% drop in trading volume to $35 billion

This slight price increase comes as documentary maker Cullen Hoback and HBO recently hinted that their upcoming ”Money Electric: The Bitcoin Mystery” documentary may reveal the true identity of Bitcoin creator Satoshi Nakamoto.

A few of you might have wondered why I disappeared. Well, I was tracking down someone else who disappeared.

Curious who's behind Bitcoin?#MoneyElectric: The Bitcoin Mystery drops next Tuesday. It's going to be a rollercoaster. #Satoshi https://t.co/2B17FZxkqZ

— Cullen (@CullenHoback) October 3, 2024

Cullen Hoback is best known for his HBO miniseries “Q: Into the Storm,” in which he claims that he knows several authors behind the QAnon conspiracy theory.

Bitcoin Price Could Rebound On The Previous Support Zone

The BTCUSDT price has been on a downtrend between July and August, with a series of lower highs and lower lows over that period. Bitcoin dropped to approximately $54,500 before finding support and beginning to recover.

After this downtrend, the price broke out of the channel and has shown a recovery, forming a “potential inverted head and shoulders” pattern. This inverted head and shoulders pattern is a classic bullish reversal indicator, with a potential “left shoulder,” “head,” and “right shoulder” forming around the support level of $56,500.

BTCUSDT Analysis Source: Tradingview

The support level at $56,500 has significantly halted the price decline. This level represents a region where buying interest seems strong enough to prevent the price from falling further.  If the inverted head and shoulders pattern is completes successfully and breaks above the neckline, the price could rally to $77,000 zone

The 50-day Simple Moving Average (SMA) (green line) is $63,586, and the 200-day SMA (blue line) is $60,443. The 50 SMA is currently above the 200 SMA, indicating a potential bullish crossover, also known as a “golden cross” seen as a bullish signal, suggesting further upward momentum.

Currently, the price is fluctuating around the 50 SMA, using it as both a support and resistance level, as traders are closely watching this average.

The RSI indicator is currently around 58, which is above the 50 midline level, indicating that the bullish momentum is gaining strength, but the price is not yet in overbought territory (which would be above 70).

Bitcoin Price Bullish Reversal Pattern Suggests Major Upside Potential

The Bitcoin/USDT shows a potential bullish reversal, with the formation of an inverted head-and-shoulders pattern. The presence of the 50 and 200 SMAs shows an overall positive market structure, with the possibility of a bullish golden cross forming.

The RSI further supports this positive outlook, with momentum gradually increasing but not yet overbought. Based on this analysis, Bitcoin could rise to around $77,000 if the pattern completes successfully.

However, it is essential to monitor the support level at $56,500, as a breakdown below this level could lead to further declines.

New Vote-To-Earn Meme Coin Flockerz Crashes Past $400k

Investors looking for promising new projects might want to take a look at Flockerz (FLOCK), a new vote-to-earn meme coin that has surpassed $404k in funds raised in its presale.

Flockerz, let’s hit that target and soar even higher! ?? pic.twitter.com/iggKkXkb85

— Flockerz (@FlockerzToken) October 2, 2024

Flockerz is a newly launched meme coin with a unique vote-to-earn platform. Unlike traditional meme coins, where decisions are made by a select few, Flockerz empowers its community, known as “The Flock,” to guide the project’s direction.

At the heart of Flockerz is FlockTopia, an innovative decentralized autonomous organization (DAO) where every token holder can participate and earn rewards through the vote-to-earn (VTE) system. In FlockTopia, members actively shape the project’s future and gain rewards for contributing to key decisions.

Coming in for a smooth landing ? pic.twitter.com/

The above is the detailed content of Bitcoin (BTC) Price Could Rebound On The Previous Support Zone. For more information, please follow other related articles on the PHP Chinese website!