{"id":29295,"date":"2024-10-07T13:39:23","date_gmt":"2024-10-07T13:39:23","guid":{"rendered":"https:\/\/zebpay.com\/in\/?p=29295"},"modified":"2024-10-07T13:43:42","modified_gmt":"2024-10-07T13:43:42","slug":"bitcoin-technical-analysis-report-7th-october-2024","status":"publish","type":"post","link":"https:\/\/zebpay.com\/in\/blog\/bitcoin-technical-analysis-report-7th-october-2024","title":{"rendered":"Bitcoin Technical Analysis Report | 7th October 2024"},"content":{"rendered":"\n

On September 22, Bitcoin briefly dipped below $63,000, signalling potential profit-taking by short-term traders. Analysts suggest that Bitcoin may undergo a brief consolidation phase before making another attempt to breach the critical resistance at $65,000. Despite this dip, Bitcoin has maintained support around $62,000 as the weekly close approaches, benefiting from a strong rebound off the September support level, which sits $10,000 lower. This recovery has sparked renewed buying interest for select altcoins, several of which have successfully broken through their respective overhead resistance levels.<\/p>\n\n\n\n

At the time of writing BTC was trading at $63,640 <\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

BTC, after taking good support at the crucial level of $52,500, surged almost by 26.66% up to $66,498. The bulls, however, failed to break the resistance of $66,500 and the asset witnessed some profit booking. BTC continues to trade in a \u2018Descending channel\u2019 pattern,\u00a0 where the upper downsloping line is acting as the resistance and the lower downsloping line is the support. Once BTC gives a breakout, above the Descending channel pattern, then we may expect the prices to rally and cross the previous all time high of $73,777.

Key Levels:<\/strong><\/p>\n\n\n\n

Support 2<\/strong><\/td>Support 1<\/strong><\/td>Asset<\/strong><\/td><\/td>Resistance 1<\/strong><\/td>Resistance 2.<\/strong><\/td><\/tr>
$56,000<\/td>$62,000<\/td>BTC<\/strong><\/td><\/td>$66,500<\/td>$73,777<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

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On September 22, Bitcoin briefly dipped below $63,000, signalling potential profit-taking by short-term traders. Analysts suggest that Bitcoin may undergo a brief consolidation phase before making another attempt to breach the critical resistance at $65,000. Despite this dip, Bitcoin has maintained support around $62,000 as the weekly close approaches, benefiting from a strong rebound off […]<\/p>\n","protected":false},"author":1,"featured_media":29296,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[26],"tags":[310,16],"acf":[],"_links":{"self":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/29295"}],"collection":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/comments?post=29295"}],"version-history":[{"count":2,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/29295\/revisions"}],"predecessor-version":[{"id":29300,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/29295\/revisions\/29300"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media\/29296"}],"wp:attachment":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media?parent=29295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/categories?post=29295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/tags?post=29295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}