The price of Bitcoin as well as other cryptocurrencies in the market is experiencing an upward trend. The market is currently in the green zone with the crypto Fear & Greed index sitting at 66 today, representing a growth of 16 points over the last 24 hours.
This upswing indicates a bullish sentiment across the crypto community. However, as the price rally unfolds, investors are grappling with the question of whether this bullish run will be sustained or is merely short-lived.
Historically, the month of October has earned the moniker “Uptober” due to the notable surge in the prices of Bitcoin and other cryptocurrencies during this period.
Remarkably, over the past 24 hours, the price of Bitcoin has surged by more than 10%. According to live data from Coinstats, Bitcoin is currently trading at $33,856, reflecting an impressive 9.06% increase in the last 24 hours.
Bitcoin (BTC) Price Hourly Chart
On the Bitcoin hourly chart, traders should keep an eye on specific support levels. A correction down to $33,000 may be possible if the daily bar closes near the $33,639 mark.
It’s also crucial to monitor the peak point of yesterday’s candle. If a false breakout occurs, sellers could temporarily take control, potentially leading to a dip in the range of $32,000 to $33,000 by the end of October.
Bitcoin (BTC) Price Analysis Hourly Chart
The weekly chart presents a more optimistic outlook. Following a breakout above the $31,500 mark, Bitcoin has entered a positive midterm zone. As long as the price remains above this level, bulls are likely to dominate over bears. If this trend continues, there’s a possibility of further growth to the range of $36,000 to $38,000.
Bitcoin (BTC) Price Today
The Bitcoin rally, which commenced on October 21, has propelled the price of Bitcoin to reach $34,000. However, as of the latest data, the price of BTC stands at $33,856 according to Coinstats. Bitcoin boasts a 24-hour trading volume of approximately $85 billion, with a live market capitalization of $660.9 billion.
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