Bitcoin Sets Its Sights on 76K An Analysis

A recent analysis highlighted that the
Bitcoin
(BTC) is charting an upward path in its price towards a new all-time high at the $76 level.
O
Bitcoin price today
30/10/2024 is continuing its bullish trend with a notable increase in its value over the past 24 hours. Currently, BTC is trading above the $72K level as the market is seeing a stabilization in the prices of several cryptocurrencies. Bitcoin once again surpassed the impressive $73K figure yesterday, closing in on its all-time high price of $73.737,94.
According to cryptocurrency analyst known as Melikatrader94, in a
analysis
Technically speaking on TradingView, Bitcoin is currently moving within an ascending channel, with price action near the upper boundary, indicating bullish momentum.
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“After breaking above a long-term descending trendline, Bitcoin held steady, suggesting that previous resistance is now acting as support. Next target zones: The price is heading towards the next resistance area around $74.000–$76.000, highlighted by potential bullish continuation patterns.”


Source: TradingView/melikatrader94
The analysis emphasized that a successful breakout above the $76.000 level could propel Bitcoin towards the $80.000 range and beyond, further fueling optimism for a strong uptrend, according to the analyst.
“Watch for retests: If Bitcoin pulls back, it could find support within the channel or around the previous breakout point, making these zones ideal for a potential entry,” he added.
At the time of publication, Bitcoin’s price was quoted at US$ 72.401,12 with an increase of 0.8% in the last 24 hours. In its weekly development, the asset showed an appreciation of 8.6% in the last seven days.
Amid the largest cryptocurrency’s recent surge, U.S.-listed bitcoin exchange-traded funds (ETFs) saw more than $870 million in net inflows yesterday, Oct. 29. This was the third-largest inflow for these products since their launch in January.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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Bitcoin (BTC)
Cryptos