BTCUSDT 
2024-11-02

Bitcoin is currently trading around $69,754 on a 4-hour chart, showing signs of consolidation within a sideways range between approximately $68,649 and $70,080. After a recent rally, the price seems to be stabilizing as it tests its moving averages.

Key Observations:

Consolidation Zone: Bitcoin is moving within a purple box range, suggesting indecision in the market as traders await the next direction.
Moving Average Support: The 50-period (yellow) and 20-period (gray) moving averages provide dynamic support levels. A break below these could indicate increased bearish momentum.
Potential Breakdown: If Bitcoin fails to sustain its position within this range, there’s a likelihood of a downward move targeting the next major support at $66,100.