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Bitcoin Trading Near Key Support Level

Written By: ChartChamp

October 8, 2024

Yesterday Bitcoin experienced strong sell pressure, sending the price back down to the yellow trendline. The daily candle closed below the yellow support line, but Bitcoin has rebounded and is holding above the yellow support line here. So far Bitcoin has been holding up well, I would monitor to see if Bitcoin remains above $62.4k. If the support level holds Bitcoin could start to trend up later today.

There is a lot of back and forth around the yellow trendline, but I think BTC is holding above support here. I think the likely scenario is Bitcoin starts to trend up over the next few hours.

Bitcoin’s daily candle closes in about 3.5 hours. So far the price is trading below the yellow trendline, which is bearish. I think there is a lot of back and forth between bulls and bears around this yellow trendline. Bulls would like a daily candle close above the yellow trendline, and bears would like a daily candle close below the yellow trendline. I’ll give an update in a few hours to see how things are looking.

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