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Daily Technical Analysis Research – Cryptocurrency (BITCOIN)

By Matthew Hayward

September 30, 2024

3 min read

BITCOIN (BTC/USD):

Bitcoin has experienced an impressive rally over the past few weeks. However, it seems to be encountering resistance around the $65,000 level. I’m curious to see if the upward momentum will continue, leading to new all-time highs, or if the price will start to cool off, potentially resulting in deeper pullbacks before resuming its climb.

Daily Technical Analysis Research - Cryptocurrency (BITCOIN) - Screenshot 2024 09 30 at 16.34.12 1024x561

Taking a closer look at the technicals reveals that we’ve broken out of the descending trend line, and if the price were to cool off and pull back, our support areas would likely align with the 50% Fibonacci level, which coincides with the key psychological level of $60,000. Examining the RSI indicator, there are no signs at the moment that the price is overbought. It will be interesting to see how the market reacts as we approach this week’s NFP announcement on Friday.

Daily Technical Analysis Research - Cryptocurrency (BITCOIN) - Screenshot 2024 09 30 at 16.36.06 1024x556

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Author

Matthew Hayward

Matthew is a well-experienced Market Analyst with a key focus on both Fundamental and Technical Analysis. He has experience in covering various market topics including Cryptocurrency, Foreign Exchange, Indices, and Commodities. He looks to provide we...

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