Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»ADOPTION NEWS»Is number 4 the charm? Bitcoin tagged $68,000 to break a 217-day downtrend.
ADOPTION NEWS

Is number 4 the charm? Bitcoin tagged $68,000 to break a 217-day downtrend.

By Crypto FlexsOctober 16, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Is number 4 the charm? Bitcoin tagged ,000 to break a 217-day downtrend.
Share
Facebook Twitter LinkedIn Pinterest Email

Bitcoin (BTC) price hit another monthly high of $68,400 on October 16, forming a new high price pattern (HH3) in the market. BTC quickly hit a new weekly high after a sharp hourly correction of 3.41% on October 15. Along with price, BTC’s on-chain data is also showing positive improvement with active addresses indicating positive changes in market demand and user activity.

Bitcoin 1 day chart. Source: Trading View

With the price oscillating near the $70,000 level, analysts are covering a key price range that could lead to a short-term correction or interrupt a six-month downtrend.

Analyst Says Bitcoin Price Is In Window

After Bitcoin hit an all-time high of $73,881 in March 2024, BTC went on a 217-day downtrend, forming a series of higher lows and lower lows interspersed with a descending expanding wedge pattern.

The weekly chart shows BTC’s fourth attempt to break the 217-day upper trendline, which could have an immediate impact on the current price trajectory.

Bitcoin weekly chart. Source: Trading View

Cointelegraph previously reported that the range between $68,300 and $67,300 will be a critical crossing point for BTC that needs to turn into support to interrupt the aforementioned downtrend.

Likewise, veteran trader Peter Brandt highlighted the same range and suggested that Bitcoin price is currently ‘inside the window’. The merchant adds:

“Will Bitcoin escape through the window, or will the window slam shut on its head?”

Bitcoin price analysis by Peter Brandt. Source: X.com

Meanwhile, independent trader BitQuant believes Bitcoin will see a prolonged consolidation between $95,000 and $75,000 after breaking $70,000.

Related: Bitcoin open interest soars to one-year high as BTC price rises toward $68,000

Bitcoin active addresses indicate “positive change.”

Although Bitcoin price may face market volatility in the short term, improving on-chain metrics indicate that a long-term bullish band continues to develop.

Bitcoin has seen a significant surge in active addresses since early September, according to data from CryptoQuant.

As shown below, the Bitcoin Active Address Momentum indicator has reversed its downward trend and has been rising for the past 45 days.

Bitcoin active address momentum chart. Source: CryptoQuant

When the active address indicator exceeds both the 30-day and 365-day moving averages, it is a sign of positive changes in user engagement and improving demand. According to CryptoQuant analysis,

“Historically, active user engagement has been an important parameter in every bull cycle, suggesting that demand is returning to the network.”

With Bitcoin’s dominance hitting a three-and-a-half-year high, bullish sentiment surrounding the largest cryptocurrency asset continues to build after a rough start to October.

Related: Bitcoin profit-taking nears $74,000 peak as speculators send $500 million to Binance

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Gala Games improves leader board rewards and introduces preference systems.

June 20, 2025

Ether Leeum Whale starts a $ 11 million leverage betting in the 30% increase in ETH prices.

June 12, 2025

AI starts a cost -effective batch API for LLM request.

June 12, 2025
Add A Comment

Comments are closed.

Recent Posts

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision And South Korea Strategy

June 27, 2025

Earns $9,800 Per Day With BTC Breaks Through $107,000, GoldenMining Global Market.

June 27, 2025

Why Bakkt Holdings can buy Bitcoin with a $ 1 billion increase

June 27, 2025

NVIDIA RTX strengthens FITY’s AI -centered innovation in Cooler Design.

June 27, 2025

Join Earn Mining To Mine Easily And Earn $7752 A Day

June 26, 2025

Bitcoin prices return to green -building exercise for more profits

June 26, 2025

Weed® Announces Partnership With Khalifa Kush; Launches Global Commercialization

June 26, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025
Most Popular

Is it important to include the XPUB fingerprint in the wallet descriptor?

January 12, 2024

The Solana-Bitcoin cross-chain bridge is targeted for launch in the third quarter of 2024.

May 2, 2024

Bitget Wallet now supports Berachain Artio testnet

February 2, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.