Wild Bitcoin Journey: BTC Slips to October Lows Below $65K, Regains Momentum Above $67K

Wild Bitcoin Journey: The Price Dips Below $65K After Hitting $69K, Quickly Recovers to $67K

On October 24, Keith Alan, co-founder of Material Indicators, highlighted a previous peak from April 2021 in his most recent X post. After hitting $69,000 for the first time since the summer, Bitcoin retraced this week, but sellers were unable to hold the price for very long.

Following the October 23 Wall Street opening, data indicates that downside momentum momentarily increased as stop-loss levels started to reach. The outcome was a plunge below $65,000, the lowest price of Bitcoin since October 10. BTC/USD then recovered to surpass $67,000 once more.

Key Support at $62.7K Crucial for Bitcoin’s Uptrend Amid Market Volatility

That level, which is currently around $62,700, must remain unaltered with no wicks below it, according to Alan, as this would indicate that the short-term uptrend is still in place. The low price of Bitcoin this week, however, was only a few cents away from its previous all-time high from the previous cycle, which was hit on Bitstamp in April of 2021, not November.

Thursday brought us a solid test of the Mid-Cycle Top, and now it’s closely correlated with the 21-Week MA. Let’s see if BTC can hold above that technical support through the weekly close.

Alan

According to Cointelegraph, risk-asset markets, including cryptocurrency, are still bracing for upheaval in the wake of the US presidential election and the Federal Reserve’s interest rate announcement in two weeks. Prior to that, US macroeconomic data prints could increase the uncertainties. The Purchasing Managers’ Index (PMI) and weekly jobless claims are scheduled to be announced on October 24. According to Material Indicators, a heated Jobless Report could cause a turnaround in the price of Bitcoin. Additionally, if the price of Bitcoin drops back below $65,000, its most recent positive trading signal will be invalidated.

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