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After the bitcoin price rose due to the USA employment report, the btc/usd trading price on November 1, 2024 was $71,447. Despite recent price fluctuations, it has shown encouraging resilience in the support range.
At the end of October, bitcoin rose to $73,600, then experienced a pullback, bringing the price below $70,000. Today, the price seems to have stabilized above $71,000. The daily btc chart shows an upward trend since early October, strengthened by a reliable support range between $69,000 and $70,000, with recent trading sessions showing stability. This strength suggests that if bid interest remains strong, bitcoin may continue its recovery, although previous resistance levels suggest cautious trading at these levels.
Bitcoin technical analysis: BTC bulls try high again.
BTC/USD daily chart, November 1, 2024.
The four-hour BTC chart highlights a rebound from near $69,500 support level in the recent period, with buyers stepping in after a preliminary pullback. Bitcoin is making efforts to reclaim higher ground, approaching $71,000, indicating potential bullish sentiment. Volume analysis on the four-hour and one-hour charts shows increasing buyer interest, although moderate trading volume suggests a stronger trading activity may be needed at this level for a definitive trend.
Bitcoin technical analysis: BTC bulls try high again
Four-hour chart of btc/usd, November 1, 2024...