Bitcoin: will we see a bull run?
2024-10-15

Bitcoin price has recently stalled near $66,000, facing strong resistance due to a triple-top pattern, which has slowed its upward momentum.

As this key level continues to hold, market participants are watching closely for a breakout or potential bearish correction.

Insights from notable figures like BlackRock CEO Larry Fink, and institutional actions like Japan’s Metaplanet acquisition, further emphasize Bitcoin’s growing status as a key financial asset.

BlackRock CEO Larry Fink has acknowledged Bitcoin as a significant asset class, comparing its investment potential to that of gold. During BlackRock’s Q3 2024 conference call, Fink stressed that Bitcoin’s growth will be driven by liquidity and broader usage, rather than regulatory changes.

He also noted strong investor interest in BlackRock’s Bitcoin ETF, which has already attracted $23 billion in inflows.

Meanwhile, in the chart Bitcoin has encountered a significant resistance zone near $66,237, marked by a triple-top pattern, which is limiting upside momentum. The formation of a tweezer’s top pattern just below this resistance suggests a potential bearish correction.

Currently, Bitcoin is trading above its 50-day EMA at $63,635, indicating that while short-term momentum remains bullish, failure to break above the key resistance could trigger further selling pressure.

Immediate support is seen at $64,421, with stronger supports at $63,635 and $62,143. If Bitcoin breaches the $66,237 resistance, we may see a bullish breakout towards the next resistance at $67,310.

In conclusion, a break above $66,237 could extend Bitcoin’s bullish trend, while failure to do so may lead to a deeper correction.