The price of Bitcoin as well as other cryptocurrencies in the market is experiencing an upward trend. The market is currently in the green zone with the crypto Fear & Greed index sitting at 66 today, representing a growth of 16 points over the last 24 hours.
Bitcoin Fear & Greed Index. Source: alternative.me
This indicates bullish sentiment across the crypto community. However, with the price rally, investors are faced with the question if the bullish run will continue or if it is just for the short run.
Statistically, the month of October has been known as the month of the bulls. The price of Bitcoin and other cryptocurrencies is known to significantly increase during this time hence the coined phrase “Uptober.”
Interestingly, over the last 24 hours, the price of Bitcoin has surged by over 10%. Live data from Coinstats show that Bitcoin is currently changing hands at $33,856, signifying an impressive 9.06% growth in the last 24 hours.
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Bitcoin (BTC) price hourly chart
On the Bitcoin hourly chart, it is important for traders to pay attention to certain support levels. There will be a chance to see a correction down to $33,000 if the daily bar closes near the $33,639 mark.
Source: TradingView
Furthermore, it is also important to pay attention to yesterday’s candle peak point. If it’s false breakout occurs, then sellers may take the lead locally. Ultimately, it can result in a dip to the $32,000-$33,000 level by the end of October.
Source: TradingView
Bitcoin (BTC) price analysis hourly chart
The weekly chart displays a more optimistic picture. Following a breakout of the $31,500 mark, the price of BTC has moved into a positive midterm zone. Bulls continue to outweigh bears until the price rises above that level. In this instance, there is a possibility of future growth to the $36,000–$38,000 range.
Bitcoin (BTC) price today
The Bitcoin rally which started on October 21 has seen the price of Bitcoin grow up to $34,ooo. However, at press time, the price of BTC is $33,856 according to Coinstats data. Bitcoin has a 24-hour trading volume of $85,159,432,639.349 ($85 billion) with a live market cap of $660,981,402,053 ($660.9 billion).
Read more:
- Reasons Why the Crypto Market is Up Today
- U.S. Government Holds a Massive $5 Billion Worth of Bitcoin: Reports
- Bitcoin Price Analysis: Bitcoin Yet to Break the $32000 Mark
- Japanese Exchange BitTrade Adds Dogecoin and Shiba Inu to List of Offerings
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.