Bitcoin (BTC) Price Analysis for October 24

Most of the coins keep rising, according to the CoinMarketCap ranking.

BTC/USD

The price of Bitcoin (BTC) has rocketed by more than 10% over the last 24 hours.

On the hourly chart, traders should pay attention to the local support level of $33,693. If the daily bar closes near it, there is a chance to see a correction to the $33,000 zone soon.

On the bigger time frame, one should pay attention to yesterday’s candle peak. If its false breakout happens, sellers may locally seize the initiative.

All in all, it can lead to a drop to the $32,000-$33,000 range by the end of the month.

A more positive picture can be seen on the weekly chart. The rate of BTC has entered a bullish midterm zone after a breakout of the level of $31,500. Until the price is above that mark, bulls remain more powerful than bears. In this case, there is a chance to see further growth to the $36,000-$38,000 area.

Bitcoin is trading at $34,245 at press time.

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