At the moment, a closely-watched bitcoin technical indicator showed the bitcoin and cryptocurrency market could be poised for a sudden price swing, though it's not clear which way it will go. The world’s largest cryptocurrency has not managed to recover from its previous fall.
As of the morning of October 24, the Bitcoin rate is below the $7500 barrier. So for a day, bitcoin fell by 6.74% and is trading at $7477.
Technical analysis shows that bitcoin looks rather weak. Over the past few weeks, the 100-week moving average has been strong support. However, the coin is trading below the trend line, which is formed from peaks reached in June and August. It is important to monitor the development of the situation, even a slight movement in one direction can determine the medium-term trend. At the same time, if BTC fails to overcome the resistance, the downtrend may continue until in the region of $6400– $6500.
Breaking the resistance trend line may lead to a sharp increase to the $9300 zone. At the same time, if BTC fails to overcome the resistance, the downtrend may continue until in the region of $6400– $6500.