26 Oct 2024

Btc declined to retest the $66,000 level on Wednesday and found support, rising by 2.3% on Thursday. At the time of writing on Friday, it trades slightly down around $68,000.

Bitcoin (BTC) has found support at the key $66,000 level, suggesting a potential recovery. However, Ethereum (ETH) and Ripple (XRP) prices are struggling below their critical support levels, indicating a possible continuation of their downtrends.

technical analysis

If the $66,000 level continues to hold as support, it could rally to reclaim its Monday high of $69,519. A successful break and close above $70,000 could extend the rally to retest its next key barrier, which is already the all-time high of $73,777 seen in mid-March. 

The Relative Strength Index (RSI) indicator on the daily chart reads 60 and points upwards after bouncing off around the neutral level of 50 on Wednesday, indicating the bullish momentum is gaining traction.

Conversely, if BTC breaks and closes below $66,000 support, it could decline 5.8% to retest its next support at $62,055, its 61.8% Fibonacci retracement level (drawn from July’s high of $70,079 to August’s low of $49,072).