Lokesh Gupta
10-04-2024
Bitcoin (BTC) experienced a 2.60% drop in the last 24 hours, nullifying a previously anticipated bullish breakout.
This drop occurred just before the release of U.S. #inflation data, which holds significance in determining when the #Federal Reserve ($Fed) might initiate interest rate cuts.
Bitcoin struggled to sustain itself above the $72,000 resistance level and has retreated towards the $67,500 support zone.
Earlier in the week, there was a bullish breakout from the symmetrical triangle consolidation pattern, suggesting a potential rally towards $80,000.
However, Bitcoin's failure to maintain the breakout might indicate apprehension before the release of U.S. CPI data.
Re-entry of Bitcoin into the decisive zone suggests an increased likelihood of testing lower support levels.
BTC/USDT approaches a crucial $74,000 resistance, a breakthrough may fuel bullish momentum aiming for $80,000.
Bears must quickly break the triangle pattern to push the trading pair down to $64,500, setting the stage for a potential comeback.
According to Coin Gabbar analysis, Bitcoin #Price Prediction 2030 is forecasted to surge to $250,000 , while Bitcoin Price Prediction 2040 will reach $500,000.
KEY LEVELS :
RESISTANCE LEVEL : $69,800-$71,000
SUPPORT LEVEL : $68,000-$67,000
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Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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