As of Oct. 24, 2024, bitcoin (BTC) is priced at $67,058.95, fluctuating within a 24-hour range of $66,669 to $68,268. With a market cap of $1.32 trillion and a daily trading volume hitting $44.03 billion, the digital currency appears to be in a consolidation phase, according to technical indicators. These indicators suggest that while things are steady for now, volatility could be just around the corner.
Bull Verdict:
Despite recent short-term corrections, bitcoin’s price remains supported by strong moving averages across all timeframes, particularly the 50-day and 200-day EMAs. The overall bullish sentiment from these indicators, coupled with a potential upside break above $67,500, suggests that bitcoin could be poised for another upward leg, especially if buying volume increases. As long as key support levels hold around $66,500, the market may shift in favor of bulls.
2.Bear Verdict:
The current neutral to bearish oscillators, alongside declining volume, signal a lack of strong momentum, which may weigh on bitcoin’s ability to break out of its consolidation phase. The sell signal from the momentum oscillator and the overbought conditions on the Stochastic suggest that a further drop below $66,500 could trigger additional downside pressure. If BTC breaks critical support at $66,000, a deeper correction toward $65,000 or lower could unfold
