As of October 22, 2024, the price of Bitcoin (BTC) was $67, fluctuating in a 300-hour range from $24 to $66669. With a market capitalization of $68268 trillion and a daily trading volume of $1,32 billion, the digital currency appears to be in a consolidation phase, according to technical indicators. These indicators suggest that volatility may increase despite the apparent stability.
On the hourly chart Bitcoin , seems to be consolidating between $66559 and $67500. After the drop from $69156 to $66559, the recovery has been slow and the volume has dropped significantly. The noticeable drop with high volume reflects increasing selling pressure. The Relative Strength Index (RSI) remains neutral at 60, while the Momentum Oscillator is indicating a negative signal.
The moving averages are giving mixed signals, with the 10-level exponential moving average (EMA) at $66 indicating bullish momentum, while the 790-level simple moving average (SMA) at $10 is signaling bearish pressure. A break above $67, accompanied by heavy volume, could shift momentum higher.
BTC/USD daily chart on Bitstamp 22 October.
When zooming in to a 4-hour chart Bitcoin suffered a sharper fall from $69487 to $66559, albeit with a small rebound. This suggests that the bulls are defending the $66500 level, although bearish sentiment remains. The RSI remains neutral, the stochastic oscillator shows an overbought condition at 84, but remains neutral.
The moving averages here give the bulls a slight edge, with the 20-period and 50-period EMAs and SMAs all pointing to bullish signals. A potential retest of $66000 could provide a better risk/reward entry, while resistance at $69000 could pose challenges for further upside.
4-hour chart of BTC/USD on Bitstamp 22 October.
On the daily chart Bitcoin reflects a correction from the recent high of $69487. The large decline followed by smaller bearish declines indicates persistent downside pressure. The Commodity Channel Index (CCI) at 66 and the Average Directional Index (ADX) at 21 point to a weakening trend. However, the moving averages remain bullish, with the 50-day EMA at $63401 and the 100-day SMA at $62054 providing positive signals.
Oscillators are neutral on all timeframes. RSI remains stable, neither overbought nor oversold. However, momentum is giving a sell signal at 3, while the wonderful oscillator remains neutral at 793.
The moving average convergence divergence (MACD) at 1651 points to a bullish crossover on the long-term charts and hints at potential upside momentum. However, a variety of mixed signals calls for cautious optimism from traders.
BTC/USD Hourly Chart Bitstamp 22 October.
Overall, the moving averages across timeframes are leaning bullish, especially on the medium and long-term charts. On the hourly chart, both the EMA(10) and EMA(20) are signaling buying opportunities at $66790 and $65415, respectively.
Similarly, on the 4-hour chart, the 50-period EMA and SMA are signaling buying opportunities at $63401 and $62108, respectively. Long-term investors may find some reassurance in the strong support of the 200-day EMA at $60743 and the 200-day SMA at $63326, both of which are signaling buys and reinforcing Bitcoin’s potential stability at these levels.
