Market Direction

Bitcoin (BTC) price prediction today: Is BTC primed for a breakout beyond $69k?

Published: Oct 18, 2024

Bitcoin’s price action approaches a crucial point. Will BTC break $68,900 or retest support at $63,400? Dive into today’s BTC market analysis.

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

Whilst funding rates remain positive and open interest has increased from the local lows, the Spot CVD is showing net selling due to this price increase. This Spot selling isn't in large volumes, but it's been downtrending since BTC moved up to $66k.

BTC mechanics:

1. Bitcoin 4-hour chart showing price movements, funding rates, open interest, and cumulative volume delta highlighting potential resistance levels and bullish trends..webp

Technical analysis

Price has broken out from the local resistance of the top border of the descending wedge and the local horizontal resistance of $63,400.
Price is now at the upper end of the 7-8 month price range, and prodding into the $68,000 to $68,900 horizontal resistance zone.
Beyond $69k, the price is essentially breaking out, and things can get exciting.
To the downside, $63,400 should act as new major support, with $66,000 a local level of support.
The RSI is at 67, which on the Daily timeframe is very close to being overbought. The oscillator hasn't been this overbought since mid-July.

2. Bitcoin daily chart displaying price action, trend lines, support and resistance levels, and RSI indicator indicating potential bullish breakout scenarios..webp

Next Support: $63,400
Next Resistance: $68,900
Direction: Bearish/Neutral
Upside Target: $68,900
Downside Target: $63,400

Cryptonary's take

Price action has been really strong, particularly considering we're now just a few weeks out from what investors consider a very uncertain event - the US Elections.

However, with Trump's odds improving in the betting markets following Harris' car crash Fox News interview, risk assets, and Crypto have begun pricing in a Trump win.

In the short-term, it's possible that BTC will correct this, possibly targeting $66,000 or, worse, $63,400. We're now at the upper resistance in the larger range with the oscillator now close to overbought.

BTC still feels like a coiled spring, ready to pop and go higher, however we're sceptical that this happens pre-Election. However, beyond that, we think a Trump win could be that catalyst that gets us well beyond new all-time highs.