Bitcoin price analysis 10/10/24
2 min readAs of October 10, 2024, Bitcoin (BTC) is experiencing a period of consolidation and slight bearish pressure. As illustrated in the graph, Bitcoin has been gradually declining from a high of $64,478 on October 7 to $60,565 by October 10, 2024. The downward trend suggests bearish momentum, with key support and resistance levels highlighted around $60,425 and $61,132, respectively. If Bitcoin continues to stay near these support zones, we might see a short-term bounce, although breaking below these levels could result in further drops.
Relative Strength Index (RSI) shows Bitcoin’s momentum over the same period, with values gradually declining from 55 on October 7 to 41.65 on October 10. This indicates that Bitcoin is approaching the oversold territory, which is commonly set at an RSI value of 30. If it continues to drop toward 30, a potential reversal or bounce could occur.
The upper RSI threshold of 70 represents overbought conditions, where a price correction might be expected.
There are mixed predictions for Bitcoin’s short-term movement. Some analysts expect a continuation of the bearish trend, with a potential test of the $60,565 support level, before a possible rebound toward the $69,635 target. However, a break below $60,425 could lead to further declines toward $57,205
Market overview
As of October 10, 2024, the total cryptocurrency market capitalization stands at approximately $2.29 trillion, reflecting a slight decrease of about -2.24% over the last 24 hours. Bitcoin continues to dominate the market with a 52.40% share, followed by Ethereum at 12.58%.
In terms of the top gainers in the last 24 hours:
- Orion Protocol (ORN) saw a remarkable +24.07% increase.
- Step App (FITFI) gained +21.63%.
- Paris Saint-Germain Fan Token (PSG) rose by +12.52%.
These cryptocurrencies have outperformed in the market despite broader volatility
