Bitcoin (BTC) Price Analysis for October 12
The market is neutral on the last day of the week, according to CoinStats.
BTC/USD
The rate of Bitcoin (BTC) has fallen by 0.44% since yesterday.
Despite today's fall, the price of BTC is looking bullish on the hourly chart. If a breakout of the local resistance of $112,213 happens, the growth is likely to continue to the $113,000 mark.
On the bigger time frame, the rate of the main crypto has set a local support at $109,711. However, buyers might need more time to accumulate energy for a further move.
In this case, sideways trading in the narrow range of $111,000-$114,000 is the more likely scenario.
From the midterm point of view, the situation is bearish. If the weekly candle closes below the previous bar low ($111,597), there is a high probability to witness an ongoing correction to the $100,000-$105,000 area.
Bitcoin is trading at $111,773 at press time.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Paramount SkyDance (PSKY.US) Nears Settlement Agreement to Advance $110 Billion Warner Acquisition, But Some State Attorneys General Still Withhold Support
According to reports, Paramount is engaged in in-depth negotiations with state attorneys general to facilitate the completion of its $110 billion acquisition of Warner Bros. Discovery; however, not all state attorneys general support this plan.
More Hawkish Than Market Consensus! JPMorgan: South Korea Interest Rates Targeted at 3.75%, Terminal Rate ‘Ceiling’ Undetermined
JPMorgan believes that if semiconductor-driven growth triggers stronger inflation and credit and financial markets remain stable, its already above-market-consensus forecast for South Korea's interest rates will face upside risks.
Ackman "Switches Holdings" to AI Giants: Sells All Alphabet (GOOGL.US) Shares, Increases Meta (META.US) Holdings—Should Investors Follow?
Ackman made it clear that this is not a bearish outlook on Alphabet, but rather a decision to shift funds to other, more attractive opportunities given the current valuation.
Crypto prices
More
