Market Direction

Bitcoin price prediction today: Is a pullback to $61k possible?

Published: Sep 24, 2024

What is Bitcoin: Bitcoin (BTC) is the pioneering cryptocurrency introduced by the enigmatic Satoshi Nakamoto in 2008. It operates on a revolutionary decentralized ledger known as the blockchain and is widely regarded as digital gold due to its finite supply and secure, transparent nature. As the first and most recognized cryptocurrency, Bitcoin remains a cornerstone of the digital asset world.

Overall, Open Interest has remained relatively unchanged over the last few days, although the Funding Rate has come down slightly.
There isn't enough of a change in OI and Funding for it to affect our trading outlook over the coming 2-5 days.
On local timeframes, there were some Shorts that went on at $64k, which brought the Funding Rate down slightly.

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.

Technical analysis

Bitcoin has battled now at the horizontal resistance of $63,400 for a number of days, with large wicks on either side of $63,400.
BTC has broken out of the downtrend line, and now, at the local resistance of $63,400, it wouldn't be surprising to see a slight pullback to possibly the Yellow box (between $60,200 and $61,700).
If BTC can break above $63,400, then $65,000 is likely to be the stopping point as this is where Ask liquidity has built up in the orderbooks.
The RSI is at 62, so there's room to go higher, but it is relatively close to overbought territory.

Cryptonary's take

The market has performed well over the last few weeks, so we are open to the idea that the price can pull back to and consolidate at the $61k to $62k level. We're expecting more subdued price action from BTC, at least over the next few days. It's likely price remains in a tight range between $60,200 and $65,000. We're, therefore, not looking to be too active here, and we're looking to sit tight whilst BTC potentially has a few days of just consolidating. Nothing is too exciting here, but it is appropriate following a 19% price increase of the September 6th lows.

Bitcoin's all-time high (ATH) is $75,757.

How to buy:

Via Centralized Exchange (CEX):
1. Choose a CEX like Binance, Coinbase, or Kraken.
2. Create and verify your account.
3. Deposit fiat or other cryptocurrencies.
4. Navigate to the BTC trading section and complete your purchase.