Bitcoin Needs to Break $65.2K to Confirm Downtrend Reversal, Analysts Say: News of September 24, 2024
Bitcoin must surpass $65,200 to reverse its downtrend, according to analysts. Ethereum's outperformance hints at the potential start of a broader altcoin rally, while Solana-based $WIF leads the day's gains among top cryptocurrencies.
Bitcoin Needs to Top $65.2K to Break Downtrend: Bitfinex
In a note shared with CoinDesk on Tuesday, analysts emphasized that Bitcoin must break past the August high of $65,200 to signal the end of its prolonged downtrend, marked by lower highs since March.
"BTC is now approaching the Aug. 25 peak of $65,200. This level is crucial because, since reaching its all-time high of $73,666 on March 14, Bitcoin has yet to surpass any prior highs before forming a new local bottom. This fits the technical definition of a downtrend," the analysts explained, highlighting why $65,200 is the key resistance level for bullish momentum.
ETH outperformance could be start of ‘alt season’
With Ethereum outperforming Bitcoin, the stage is set for altcoins to begin their upward movement, potentially one by one. Market momentum is steadily building, and it appears to be only a matter of time before the entire crypto market ignites. Things are about to get interesting.
ETH/USDT is showing a slight recovery from its recent low of $2,604, now trading at $2,612.41. The chart displays consistent lower highs, with a significant drop occurring after an attempt to break above $2,660, signaling potential resistance in that range. With a 50-period moving average at $2,635.63 acting as a short-term resistance, Ethereum could face continued downward pressure if it fails to break above this level. Traders should watch for a potential retest of support around $2,580 in the short term.
Candidate Harris Unlikely to Make Full-Throated Crypto Policy Before Election: Source
Vice President Kamala Harris' bid for the White House is unlikely to include a deep dive into her crypto views, according to those with knowledge of her campaign's interactions with crypto insiders.
The small number of digital assets advocates who are in talks with her campaign say they're seeing progress in the campaign's policy views.
The presidential campaign for Vice President Kamala Harris made crypto waves with a brief comment about the sector over the weekend, but the industry shouldn't expect much more in the final weeks before the U.S. elections, insiders suggest.
SOL mid-cap memes bounce, many coins +20-30%
Solana-based memecoin $WIF (@dogwifcoin) emerged as the top 24-hour gainer among the 100 largest cryptocurrencies by market capitalization, marking a significant surge in the market.
Telegram to share user data upon legal requests
Durov: Telegram Will Share User Data with Authorities Upon Valid Legal Requests
"We've made it clear that the IP addresses and phone numbers of those who violate our rules can be disclosed to relevant authorities in response to valid legal requests.
That’s all for today.
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