$BTC # 4H showing classic distribution style sliding
The behavior here looks like :
โข Strong push higher >failed to hold highs
โข Then show controlled bleed down
โข Every bounce is lower high
โข Volatility is compressing down word
Current Price (as of October 10, 2024):ย ~$62,500 USD
24h Change:ย +1.2% |ย 7d Change:ย -2.5% |ย 30d Change:ย +8.1%
Market Cap:ย ~$1.23 trillion |ย 24h Volume:ย ~$28 billion
(Data sourced from CoinMarketCap, CoinGecko, and TradingView; prices fluctuate rapidly.)
Recent Price Action
Bitcoin has been consolidating in a tight range betweenย $60,000โ$64,000 since mid-September, following a rejection atย $66,000 highs. This comes after a 20% correction from the all-time high ofย $73,800 in March 2024. Key drivers:
ETF Inflows Surge:ย Spot Bitcoin ETFs (e.g., BlackRock's IBIT, Fidelity's FBTC) sawย 20 billion YTD, providing steady buying pressure.
Macro Tailwinds:ย Fed's September rate cut (50 bps) boosted risk assets. Upcoming November election could favor pro-crypto policies (e.g., Trumpโs Bitcoin reserve proposal).
Technical Breakdown:ย BTC is testing the 200-day EMA (~$61,500) as support. RSI (14-day) at 52 (neutral), with a bullish hammer candle on the weekly chart signaling potential reversal.
This is normally the pre-condition for
Either
โขone final liquidation flush (fast wick down)
Then
โขverersal upward again
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