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Bitcoin (BTCUSD) Remains Firm above the $71,000 Supply Mark

Johnathon Fox
11/02/2024 | UPDATED ON: 11/02/2024

Bitcoin (BTCUSD) Price Forecast: November 2

Today, the BTCUSD uptrend shows investors are optimistic as it remains firm above the $71,000 supply mark. The cryptocurrency is trying hard not to fall by resisting sellers, in case the bulls’ pressure breaks up the resistance level of $73,624, the coin price may increase further to a $75,000 high trend line, suggesting a turnaround for the coin holders.

Key Levels:
Resistance Levels: $70,000 $71,000, $72,000
Support Levels: $55,000, $49,000, $48,000

BTC (USD) Long-term Trend: Bullish (Daily Chart)

BTCUSD remains firm above the supply mark in the higher time frames. The prices are trading above the moving average lines indicating an uptrend.
Bitcoin (BTCUSD) Remains Firm above the $71,000 Supply Mark
However, the previous actions at the $70,235 high level in the past few days have enabled the crypto price to remain firm above the trend line in its recent high.

At the writing time, the Bitcoin price finds a reliable resistance and remains firm above the supply mark at around the $71,620 level as the daily session opens today, resulting in intraday gains. Hence, staying above the resistance trend lines indicates a strong possibility for a bullish correction pattern.

The BTCUSD pair continues to show bullish sentiment as it remains firm above the supply level and indicates an uptrend on the daily stochastic. Thus, in the days ahead, the next bulls’ target might be the $75,000 high level in its long-term outlook.

BTC (USD) Medium-term Trend: Bullish (4H Chart)

Despite the interference of short-term traders, the BTCUSD price remains firm above the supply mark in the medium-term time frame. The coin price is progressing upward above the moving averages, implying a bullish trend. Thus, buyers are currently gaining more strength in the market.
Bitcoin (BTCUSD) Remains Firm above the $71,000 Supply Mark
In the previous session, the Bitcoin price was below the supply levels, an additional buying pressure recently pushed the coin price above the critical level from the $69,020 value to the $71,620 as it remains firm above the supply levels, indicating investors’ high interest and confidence in the asset.

This will give the buy traders the tendency to further ladder up the trend. Hence, to continue in the same direction remain firm, and push higher above the $73,624 resistance point, more buyers’ participation is a prerequisite.

However, there is a possibility of a further increase in the price of Bitcoin if the buy traders should increase their price actions and all the current support level holds, a psychological $75,000 at the supply level might be reached soon as it remains firm above the supply marking its medium-term time frame.

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About Johnathon Fox

Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.

View all posts by Johnathon Fox →
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