- Bitcoin struggled against resistance at $67,583; Breaking this level could trigger a move towards $70,000.
- RSI and MACD show weakening momentum, while rising active addresses indicate potential bullish activity.
Bitcoin [BTC] fell below $67,000 and hit an intraday low of $65,700 after losing overnight gains. Priced at $66,972.95 at the time of writing it shows a decline of 1.22% in the last 24 hours and 2.01% in the last week.
Despite the short-term dip, Bitcoin’s market cap remains $1.32 trillion, with a circulating supply of 20 million BTC. In the past 24 hours, trading volume reached $46.32 billion, reflecting continued interest from traders.
Bitcoin traded within a clear descending channel. This pattern shows a series of lower highs and lower lows, indicating a bearish trend.
The upper limit of this channel, near $69,000, has repeatedly acted as a strong resistance level, causing prices to fall after every attempt to move above it.
As the chart shows, recent rejections have followed similar patterns, indicating that this resistance remains a key challenge to further gains.
Source: TradingView
Support and resistance levels
Bitcoin’s highest resistance zone was between $67,583.25 and $69,000, a range that has consistently rejected bullish attempts.
If Bitcoin manages to break above this range, it could pave the way for an extended move towards $70,000.
However, if this level is not reached, Bitcoin could return lower within the descending channel.
Immediate support is identified around $66,423.76, marked as a critical level on the chart. Should Bitcoin break this support, it could fall towards the lower limit of the channel, projected between $60,000 and $62,000.
RSI and MACD analysis
At the time of this publication, the Relative Strength Index (RSI) stood at 56.75, below the 63.00 signal line. This indicated that bullish momentum was weakening and approaching a more neutral zone.
Meanwhile, the RSI rose above 70 earlier in October, indicating overbought conditions. The subsequent decline indicated a correction, but the current RSI level still leaves room for upward movement.
It is important that the bullish momentum remains above 50.
Source: TradingView
The Moving Average Convergence Divergence (MACD) line remains above the signal line, indicating a continued bullish trend. However, shrinking histogram bars indicate declining momentum.
If the MACD line crosses below the signal line, it could indicate a short-term downtrend or a period of consolidation.
Activity in the chain
According to InTheBlok Data shows that active Bitcoin addresses increased by 5.20% over the past week, indicating greater user engagement.
This contrasted with a 6.50% drop in new addresses, indicating existing users were driving network activity.
Bitcoin’s seven-day average transaction volume was 539.81k BTC at the time of writing, with a recent high of 672.53k BTC on October 22 and a low of 371.37k BTC on October 20.
Source: IntoTheBlock
Read Bitcoin’s [BTC] Price forecast 2024–2025
The fluctuating volume reflects changing market activity, with the recent spike indicating increasing engagement.
This variability in transaction volume indicates ongoing changes in trading patterns, which could determine Bitcoin’s price movements in the coming days.