Bitcoin Price Analysis: BTC Struggles to Break $73K as Analysts Eye Positive Employment Data and Trump's Victory as Potential Catalysts
- Patricia ArquetteOriginal
- 2024-11-01 00:16:13350browse
Bitcoin rose near its peak price on October 29th, but the bears couldn't allow the bulls to push it to new levels. Despite blocking a move to $73,779
Bitcoin price analysis shows that BTC bulls have failed to propel the coin to new all-time highs despite rising above the $70,000 level. However, BTC bulls have managed to keep the coin above a crucial support level. Meanwhile, several cryptocurrencies, including ETH, BNB, XRP, SOL, and DOGE, have shown mixed performances over the past 24 hours.
Bitcoin price analysis: BTC bulls fail to push coin to new all-time highs
Bitcoin price analysis for the past 24 hours shows that the coin has failed to reach new all-time highs despite rising above the $70,000 level. However, BTC bulls have managed to keep the coin above a crucial support level.
BTC price opened trading at $72,194 on Friday morning after rising by 0.24 percent over the past 24 hours. However, a closer look at the coin’s price chart shows that BTC price varied between a minimum of $72,194 and a maximum of $73,552 over the past 24 hours.
The coin’s price also dropped by 0.09 percent over the past week, suggesting a bearish momentum.
Despite failing to reach new all-time highs, BTC bulls have managed to keep the coin above a crucial support level.
Bitcoin price analysis: BTC bulls now face immediate resistance at $73,779
Bitcoin price analysis on the 1-hour chart shows that BTC bulls now face immediate resistance at $73,779. If BTC price manages to cross and stay above this level, the rally after this breakout is expected to meet resistance at $93,598.
On the other hand, if the $70,100 support collapses, then $67,712 must be monitored closely because a drop below that level could fuel a dip to the 50-day Simple Moving Average of $64,259.
Relative Strength Index (RSI) for BTC price is currently at 64.12, suggesting that the coin is still in the overbought zone. However, the coin’s price is still rising, which could indicate that BTC bulls are still in control of the coin’s price movement.
Overall, Bitcoin price analysis for the past 24 hours shows that the coin has failed to reach new all-time highs despite rising above the $70,000 level. However, BTC bulls have managed to keep the coin above a crucial support level.
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