Bitcoin’s price recently dropped 4%, settling at $69,376, and is currently 5.79% below its record high. Despite this decline, Bitcoin remains in a “greed” sentiment zone, as shown by the Fear and Greed Index at 75. October closed with a 13% gain for BTC, fueling analysts’ expectations for possible upward movement in November, with market participants anticipating significant price activity.
The broader cryptocurrency market cap sits at $2.34 trillion, down by 3.7%. Over the past 24 hours, Bitcoin’s price has fluctuated between a low of $68,779 and a high of $72,662, with $88.25 million in BTC liquidated during this period. On the weekly chart, BTC recorded a moderate gain of 2.36%, having started the week at $67,695. Notably, mid-week, it tested $71.2K and peaked at $73,544.
Analysts note that Bitcoin’s recent peak near $72K aligns with its expected trajectory, and the key support level remains at $69K. Should BTC maintain this support, it may continue an upward trend, potentially targeting $78,000.
In a separate development, Mt. Gox, a now-defunct crypto exchange, transferred 500 BTC (about $35 million) to unknown addresses, sparking speculation about creditor compensation. The exchange’s wallet still holds 44,905 BTC.
Can Bitcoin Bulls Reverse the Trend?
Bitcoin’s technical indicators suggest a short-term bearish trend. The four-hour Moving Average Convergence Divergence (MACD) line is positioned below the signal line, hinting at a possible incoming bear phase. Additionally, the Chaikin Money Flow (CMF) indicator stands at -0.08, indicating decreased capital inflow. However, daily BTC trading volume reached $44.56 billion, marking a 13% increase.
Market sentiment appears neutral, with the relative strength index (RSI) at 45. The daily chart shows BTC’s 50-day moving average above the 200-day moving average, indicating potential for both upward and downward correction. If the bearish trend continues, BTC could drop below $69K and potentially reach $68,300. Conversely, if Bitcoin breaks the $70K resistance, it could aim for the previous all-time high of $73,750, with a further rally possible if momentum builds. In such a case, BTC may surpass its all-time high.
