Bitcoin closed higher in October, growing by over 28%, but there seems to be a possibility of a temporary adjustment in the market.Bitcoin and Shanzhai CoinThe recent market fluctuations in Bitcoin indicate a strong presence of buyers, indicating a potential bullish trend
Bitcoin closed higher in October, growing by over 28%, but there seems to be a possibility of a temporary adjustment in the market.
Bitcoin and Shanzhai Coin
The recent market fluctuations in Bitcoin indicate a strong presence of buyers, indicating a potential bullish trend. However, due to the rapid rise in prices in the short term and the approaching strong resistance zone, the market may experience a temporary adjustment period.
From the daily chart, Bitcoin has been in a strong upward trend since the beginning of 2023, driving an upward channel pattern of higher highs and higher lows.
This model drives prices close to the key resistance level of around $35000. RSI also confirms this trend, approaching the overbought area and indicating an increase in purchasing pressure.
If we try to break through this critical resistance level, it may open the door to a positive medium-term trend and aim for higher resistance areas. However, due to the soaring prices, there is still a possibility of a slight correction phase.
On the 4-hour chart, Bitcoin broke through the previous daily fluctuations around $31800 and maintained a strong upward trend. This rebound hit a daily high of over $35000, highlighting the current market demand.
However, due to sufficient supply, prices are currently facing strong resistance of around $35000. This resistance temporarily slowed down the upward trend and triggered a correction phase. In this case, the key support levels for Bitcoin include a 0.5 Fibonacci pullback of $30900 and a previous reversal near the top of $31800.
If demand suddenly increases, BTC is likely to break through, leading to a significant increase in prices. Regardless of the outcome, it is necessary to closely monitor price trends in the coming days due to intensified market volatility.
The recent trend of Bitcoin indicates a bullish market trend supported by reliable indicators.
As Bitcoin continues to fluctuate in a narrow range above $34000, counterfeit coins have mixed gains and losses.
On the positive side, ThetaNetwork (THETA), Solana (SOL), XDCNetwork (XDC), THORChain (RUNE), Ethereum Classic (ETC), Objective (INJ), Toncoin (TON), Arweave (AR), Conflux (CFX), Neo (NEO), XRP (XRP)... performed the best that day, rebounding by 3-8%.
Meanwhile, Mina (MINA), BitTorrent (BTT), dYdX (DYDX), Sui (SUI), Gala (GALA), Aptos (APT), Render (RNDR), AxieInfinity (AXS), Immutable (IMX), Decentraland (MANA), WOONetwork (WOO), Compound (COMP), Kava (KAVA), FraxShare (FXS), Flow (FLOW) These are all the top 100 popular projects, a decrease of 4-8%.
Ethereum (ETH) continued its stable performance, closing positive for three consecutive days, successfully breaking the $1800 mark. Currently trading around $1820, it has risen slightly by 0.5% in the past 24 hours.
(Personal opinions do not constitute suggestions)
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