Bitcoin Price Prediction: $72K Resistance Blocked; Bears Confident in Sub-$69K Levels
Anjali Belgaumkar3 Nov 20241 min read
Bitcoin is currently experiencing a breakout on larger time frames, but has also confirmed a new bullish divergence in the short term following its latest pullback. Ethereum and other altcoins are also facing critical support levels while showing similar bullish signs. At the time of writing Bitcoin is trading slightly above the $68k levels and is down by more than two percent in the last 24 hours.
Bitcoin Chart Analysis
According to analyst Josh of Crypto World, the four-day Bitcoin chart reveals stability, with little change over the past day. The 2-day chart shows that Bitcoin is trading above an essential support level around $65,000, with the overall structure remaining bullish as higher lows and higher highs are being established.
Resistance and Support Levels
On the daily chart, Bitcoin is facing resistance in the $72,000 to $74,000 range, where it has struggled recently. Immediate support is found just above $69,000, with a more significant support zone between $66,700 and $68,300, where previous resistance now serves as support.
Bullish Trend and RSI
Despite some pullbacks, the bullish trend remains intact. The current cooling off period allows the RSI to reset towards more neutral levels, potentially providing room for upward movement in the future.
Liquidity Map Analysis
A recent review of the Bitcoin liquidation heat map shows liquidity building at various price points, notably between $68,700 and $68,800. Increased liquidity is also noted around $73,000, which could influence future price movements.
Conclusion
A new bullish divergence has been confirmed, suggesting a possibility of slight bullish relief or sideways action in the near term. Recent price movements indicate choppy price action, with expectations of continued volatility over the weekend.
