Bitcoin is above main Support
2024-09-29

 

After breaking the resistance level of $65,000, Bitcoin is currently trading above this level, which has now become an important support level. As seen in the chart, Bitcoin is in a mid-term ascending channel, and upon hitting the resistance level of $66,400, it faced a rejection and broke below the midline of the ascending channel.

We expect Bitcoin to test the support range between $64,500 and $65,000 before starting a new upward movement.

If it rejects from this level and buying pressure increases, we will likely see a retest of the resistance range between $64,500 and $67,000.

Conversely, if the support level is lost, we could witness increased selling pressure, leading to a move towards the bottom of the ascending channel. If the bottom of the channel is broken, a candlestick shadow towards $63,700 may form.

With the opening of global banks, we expect to see the beginning of volatility in Bitcoin.