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Bitcoin (BTC) Price Analysis for October 24

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Mon, 24/10/2022 - 22:00
Bitcoin (BTC) Price Analysis for October 24
Cover image via www.tradingview.com

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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%.

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BTC/USD

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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