Bitcoin Reclaims $67,000
2024-10-24

Dear Traders!

Bitcoin {{BTC}} has recently returned above $67,000 as the Federal Reserve’s latest Beige Book survey of economic conditions across the United States released on Wednesday showed a gloomy outlook, further reinforcing the case for further rate cuts in the coming months.

On the 4-hour chart, while the bearish bias remains visible and the parallel price channel has been breached, there are signs of a potential support level forming at $65,000. Current resistance is around $67,778. If this level is breached, it could send BTC higher, potentially reaching $69,558, coinciding with a test of its previous high. What do you think of this view?