• Bitcoin nears $69,000 resistance as moving averages show strong support, hinting at a breakout or pullback scenario.
  • The 50- and 100-day moving averages strengthen Bitcoin’s bullish outlook, holding key support for buyers amid resistance pressures.
  • A decisive move above $69,000 could trigger a rally, while a drop below key support may lead to a possible pullback toward $63,000.

Bitcoin is getting closer to a crucial decision point as it keeps consolidating against the USDT in an ascending triangle pattern . A breakout or breakdown appears likely as it runs across opposition in the horizontal supply zone between $68,000 and $69,000. 

The 50-day and 100-day moving averages (MAs) offer strong support below the current prices, demonstrating the tenacity of buyers. A decisive move above this resistance zone may attract additional bullish momentum, potentially sparking a robust rally.

#BTC /USDT ANALYSIS

Bitcoin is consolidating within an ascending triangle pattern, encountering resistance at the horizontal supply zone level, suggesting an imminent decision point.

The 50MA and 100MA acting as strong support levels below the price, buyers have managed to… pic.twitter.com/pjVz6jKBBs

— Jesse Trading (@TradeWithJesse) October 28, 2024

Strong Support from Key Moving Averages

In addition to the ascending triangular pattern, moving averages support Bitcoin’s bullish momentum whereby a positive medium-term outlook is shown by the 50-day MA (green) being above the 100-day (red) and 200-day (purple) MAs. 

Prices consistently holding above these moving averages underscores a positive trend, with buyers maintaining control. Consequently, the 50-day and 100-day MAs offer reliable support levels, helping Bitcoin sustain its current trajectory amid resistance pressures.

Potential Breakout or Pullback in Sight

Market data reveals BTC is consolidating within a tightening range, hinting at a potential breakout scenario. A successful breakout above the $69,000 resistance level could propel Bitcoin to fresh highs, drawing in increased buyer activity. However, a failed attempt at breaching this level may lead to a pullback, with the ascending trendline serving as the first support point.

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Significantly, if BTC declines below this trendline, it may test the next support zone around $63,000, where the 100-day MA intersects. Additionally, the 200-day MA at approximately $62,100 acts as a secondary safety net if the price declines further.

Outlook: Key Levels to Watch

The current BTC structure reflects a strong uptrend, yet it faces an imminent test at the $69,000 resistance zone. With clear support from the trendline and moving averages , BTC’s trajectory leans bullish if it breaks above the resistance. However, a decline below the ascending triangle’s support line could signal a trend reversal, cautioning traders of potential declines.

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