Can Bitcoin Hold Above 70k and Reach New Highs?
2024-10-31


 BTC/USDT Analysis: 

The BTC/USDT chart is displaying a clear bullish momentum, supported by significant technical breakouts and positive trend alignment across multiple timeframes. Recently, BTC successfully broke and bounced off the  66500  level, reinforcing this area as strong support. Additionally, a structural breakout occurred at the previous swing high of  70000 , indicating a shift in market sentiment towards further upside.

Currently, the Ribbon and Trend indicators are bullish on the  1-hour, 4-hour, daily,  and  weekly  timeframes, with BTC consistently trading above these levels. This multi-timeframe bullish alignment signifies strong buying pressure across both short- and long-term perspectives. The price also remains above the key trend level on the weekly chart, adding to the bullish case.

Looking ahead, potential targets based on Fibonacci extensions lie at  84000  and  106000 , with  84000  acting as an intermediate target and  106000  as the longer-term goal. If BTC continues to hold above the support at  66500  and sustains momentum above  70000 , these targets become increasingly achievable.

For now, traders should watch for any potential pullbacks to the  66500  level, as this could present a solid accumulation opportunity. As long as the current structure holds, BTC appears poised for continued growth.

👨🏻‍💻💭  What’s your plan for BTC? 🚀 Drop a comment below and give this idea a boost if you’re ready to ride the trend! 📈 

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