๐ **Bitcoin Technical Update - October 23, 2024**
๐ **Current Price:** $67,000
๐ก **Price Range:** $66,740 - $67,740
๐ **Resistance:** $68,000
๐ **Support:** $66,000
BTC is consolidating after facing resistance at $69K. The price is moving within a descending channel, showing a balance between bulls and bears. RSI levels suggest we could see a slight pullback, but breaking above $68K might lead to a retest of recent highs.
โก๏ธ **Open Interest Surge**: Weโre seeing $37.6B in open interestโnear ATH levels! This reflects massive trader engagement, with a nearly even split between buying and selling pressure. Expect volatility in the short term!
๐ **Macro Support**: The recent Fed rate cuts helped Bitcoin recover, and institutional interest via Bitcoin ETFs is pushing demand higher. On-chain data also shows whales accumulating cautiously, while retail investors are returning after a 4-month break.
Keep an eye on key resistance levels! Breaking $68K could push BTC towards $74K ๐
