Bitcoin Analysis: Can the 68,500 Support Spark a Fresh Upswing?
2024-11-01

Dear friends,

Today, let's analyze Bitcoin. After reaching a peak of $74,000, Bitcoin is now testing its main support level at $68,500. This area is where we expect strong support to form, and given the current situation, we are likely to see a bounce back toward the current resistance at $71,200.

However, the question remains: is this bounce just a temporary move before a continued downward trend, or is it a signal of a potential new upward rally?

Our key support is at $68,500, while the current resistance stands at $71,200. Additionally, the 200-day exponential moving average plays a crucial role in steering the trend back toward an upward direction. The support level around $66,500 also overlaps with this moving average, which can strengthen this support.

What do you think the future trend holds for us? We look forward to your thoughts! 🌟