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Bitcoin (BTC) Price Analysis for October 24

Mon, 10/24/2022 - 22:00
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Denys Serhiichuk
Has time arrived for Bitcoin (BTC) to rise to $20,000 mark?
Bitcoin (BTC) Price Analysis for October 24
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Most of the coins have followed the bounce back of Bitcoin (BTC), except for XRP, whose rate has declined by 0.15%.

Top coins by CoinMarketCap


The rate of Bitcoin (BTC) has risen by 1.34% over the last 24 hours.

BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) has formed the support level at $19,282 with the false breakout. At the moment, the rate is on its way to the local resistance at $19,469. If buyers hold the gained initiative, the upward move may continue to the $19,500-$19,600 zone.

BTC/USD chart by TradingView

On the bigger time frame, the accumulation period continues as the price has reached neither the support level nor the resistance yet.

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If today's candle closes above the $19,200 mark, the chances for growth to the vital $20,000 area will rise.

BTC/USD chart by TradingView

A similar picture is on the weekly chart as the volume keeps going down. If the price does not go below $19,000 and bulls continue the rise of the previous week, the main cryptocurrency might enter a bull run, which can lead to the test of the nearest resistance at $20,381 next month.

Bitcoin is trading at $19,412 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at