BitcoinPrice Analysis — October 28
Following a sharp rejection around the $63,700 area, BTC suffered a parabolic drop to the $58,100 low over the past 24 hours despite favorable (neutral) trading conditions. The $58,000 support prevented any further decline and has set the benchmark cryptocurrency back on course for $60,000, as BTC trades around the $59,000s this morning. While I expect a sustained recovery to $61,000 area at least over the coming hour and days, BTC has yet to free itself from bearish conditions, and a bearish consolidation is not out of the near-term picture.
Meanwhile, my resistance levels are at $60,000, $61,000, and $61,785, and my key support levels are at $58,000, $57,500, and $56,700.
Total Market Capitalization: $2.48 trillion
Bitcoin Market Capitalization: $1.11 trillion
Bitcoin Dominance: 44.9%
Market Rank: #1
Meanwhile, my resistance levels are at $60,000, $61,000, and $61,785, and my key support levels are at $58,000, $57,500, and $56,700.
Total Market Capitalization: $2.48 trillion
Bitcoin Market Capitalization: $1.11 trillion
Bitcoin Dominance: 44.9%
Market Rank: #1
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.