- Bitcoin targets $71K as strong technical indicators suggest continued bullish momentum.
- Key resistance lies at $69,000 and $70,000, with support around $66,500 and $64,000.
- External factors like Fed policies and SEC actions may impact Bitcoin’s price movement.
Bitcoin’s recent price surge has drawn plenty of attention. With just a few days left in October, the monthly candle looks strong, hinting at a possible run to $71,000. Bulls seem in control, pushing prices above key technical levels. But can this momentum last, or will resistance hold the line?
Bulls Eye $71,000 as Momentum Builds
BTC trades above both the 50-day and 200-day EMAs, signaling a bullish trend. A break past $67,500 could set off a rally toward $69,000. From there, a move back to the October 21 high of $69,402 may pave the way to $70,000.
If momentum continues, BTC could test the all-time high of $73,808. Technical patterns back up this optimistic outlook. The descending broadening wedge on the daily chart shows bullish pressure building. Last week’s close above this pattern hinted at a breakout, driving Bitcoin higher.
The 50- and 200-day SMAs also sit below the current price, suggesting a solid foundation for further gains. Meanwhile, the RSI, reading 57.34, indicates there’s room for a rally before overbought conditions appear.
Support and Resistance Levels Hold the Key
While the trend leans bullish, caution is still necessary. A slip below $66,500 might signal a pullback toward $64,000. Here, the 50-day EMA aligns with strong support, potentially increasing buying pressure. Traders will want to watch this level closely.
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External factors could also impact Bitcoin’s movement. The Federal Reserve’s rate policies, the upcoming U.S. elections, and SEC decisions may all play a role in BTC’s path. These events could either fuel a rally or apply downward pressure, depending on how they unfold.
For now, the $71,000 target might soon become a reality if Bitcoin holds steady. Whether this signals a new surge or a temporary peak remains uncertain. But with technical indicators leaning bullish, traders and investors are ready for another push toward history.
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