Analyst Reveals Bitcoin Key Support Levels For Reaccumulation

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	20,926,542,241	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

20,926,542,241

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.006885	-2.76%	0.242229	0.24217	0.242228

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.006885

-2.76%

0.242229

0.24217

0.242228

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.267723	0.24051	0.249114	0.249114	0.077142 - 0.449994

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.267723

0.24051

0.249114

0.077142 - 0.449994

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	06:35:02	70.01	0.242229	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

06:35:02

70.01

0.242229

USD

Price x Volume	Volume	Base Symbol	Related Pairs
760,690.62	2,984,073.42	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

760,690.62

2,984,073.42

Analyst Reveals Bitcoin Key Support Levels For Reaccumulation – Details

10/11/2024 12:30pm

NEWSBTC

The price of Bitcoin showed a highly positive reaction to Donald Trump’s emergence as the next US President, gaining by 9.62% in the past week according to data from CoinMarketCap. Amidst this price rally, Bitcoin established a new all-time high at $77,252 on November 8 but has since retraced by over 0.5%. Commenting on the asset’s potential next movements, analyst Ali Martinez postulates BTC may be set for significant corrections which may present opportunities for reaccumulation. Related Reading: Bitcoin Stock To Flow Model Shows Price Is Ready For Next Phase Transition Above $100,000 Bitcoin Likely To Fall To $69,000 – Here’s How In an X post on November 9, Martinez predicted that Bitcoin may finally record some significant price pullback, after days of bullish uptrend triggered by US election results and the Federal Reserve’s latest decision to initiate a 25 bps rate cut. Following the premier cryptocurrency’s descent from above $77,000, Martinez explains the price movement indicates a fall from a rising wedge which is a chart pattern that signals a potential reversal in an uptrend due to converging highs and lows. If this signal holds, the popular crypto analyst predicts Bitcoin could fall to around $73,900. Albeit, intense selling pressure could cause a further decline to $71,500, with $69,000 emerging as a strong support level in a worst-case scenario. Interestingly, Ali Martinez shares he has set buy orders at all these support regions as any potential price recorrection by Bitcoin presents a good opportunity for massive purchases at lower prices. This trading strategy emerges from the general belief that the Bitcoin bull season is still in its early phase despite significant price rallies in the past few weeks. Analysts continue to postulate a six-figure price target by the end of 2024, indicating potential for magnanimous price gains in the upcoming year. Related Reading: Analyst Reveals What The Gold Chart Says About The Possibility Of Bitcoin Price Reaching $100,000 BTC Leverage Ratio Hits 2-Year High In other news, data from analytics firm IntoTheBlock shows that the ratio of Bitcoin’s Open Interest to its market cap is 5.93%, which is the highest value of this metric since the FTX collapse in November 2022. This development indicates that traders are holding a high level of leveraged positions, which can result in drastic volatility levels upon any minute price changes, thus adding to the growing sentiment around an incoming price correction. At the time of writing, Bitcoin exchanges hands at $76,740 following a 0.70% decline in the past 24 hours. Meanwhile, the assets trading volume is down by 44.63% and valued at $31.87 billion. However, the maiden cryptocurrency continues to retain global headlines following its 27.76% price gain in the last month, resulting in a market cap value of $1.51 trillion. Featured image from Nairametrics, chart from Tradingview

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