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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Bitcoin must again show resilience around recurring resistance at $61,000

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Over the past week, Bitcoin’s price has exhibited a pattern of sharp upward moves followed by strong pullbacks, particularly in the higher white channels (above $63,000) and the red channels (below $60,000).

The highest volatility occurred between Oct. 6 and 7, when the price rapidly rose to $64,700 before experiencing a significant selloff, triggering a sustained decline into the red channel and $196 million in liquidations. The market has since recovered slightly but continues to face resistance around $61,000.

Bitcoin price Oct. 3 - Oct. 11 (TradingView)
Bitcoin price Oct. 3 – Oct. 11 (TradingView)

As CryptoSlate identified earlier in the year, Bitcoin has traded between several key areas notably, $71,500 to $68,000 (yellow), $66,900 to $61,800 (white), $60,400 to $56,600 (red), and $55,700 to $49,700 (blue).

Bitcoin 2024 trading channels (TradingView)
Bitcoin 2024 trading channels (TradingView)

Bitcoin managed to break out of the red channel on Oct. 3 but has reentered the zone after just over a week in the higher area.

The post Bitcoin must again show resilience around recurring resistance at $61,000 appeared first on CryptoSlate.

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