Bitcoin (BTC) Price Action Hints at More Upside Ahead Despite The Short Pullback

The Bitcoin (BTCUSDT) price action in the one-day timeframe reveals several technical indicators suggesting a bullish outlook.

Former President Donald Trump has wished Bitcoiners a happy 16th anniversary of Satoshi’s White Paper and voiced his support for the crypto industry.

In a message shared on X on Monday, Trump expressed his goal to support Bitcoin’s growth in the US and pledged to end what he described as “Kamala’s war on crypto.”

The message, shared on the platform X, included a pledge to end what he described as “Kamala’s war on crypto,” and he expressed a goal to support Bitcoin’s growth in the US.

I would like to wish our great Bitcoiners a Happy 16th Anniversary of Satoshi’s White Paper. We will end Kamala’s war on crypto, & Bitcoin will be MADE IN THE USA! VOTE TRUMP! #Bitcoin #FreeRossDayOne

— Donald J. Trump (@realDonaldTrump) October 31, 2024

Trump’s message comes as the Bitcoin price has dropped 3.1% in the last 24 hours to trade at $69,957 as of 7:20 a.m. EST on a 54% surge in trading volume to $53 billion.

BTCUSDT 1 Day Chart Analysis

The Bitcoin (BTCUSDT) price action in the one-day timeframe reveals several technical indicators suggesting a bullish outlook. From July to early September, an inverted head-and-sqhoulders pattern, generally considered a bullish reversal pattern, was visible.

The completion of this pattern, marked by the left shoulder, head, and right shoulder, triggered a strong upward move after BTC broke above the neckline, signaling a shift from a prior downtrend to an uptrend.

Moreover, the chart shows a golden crossover of the 50-day moving average above the 200-day moving average. This crossover is traditionally viewed as a bullish signal, as it indicates a shift in momentum towards the upside. The Golden Cross likely confirmed the bullish trend initiated by the inverted head-and-shoulders breakout, strengthening the case for further gains.

BTCUSDT Analysis Source: Tradingview

The support level around the breakout area is just above the 200-day moving average. This level has served as a foundation for BTC, helping to sustain its upward movement and prevent a deeper pullback. If BTC corrects lower, this support could act as a strong floor, offering stability for a potential rebound.

The dotted line indicates a projected uptrend, with a target price near $80,000. If the trend continues as expected, this target indicates a bullish price path.

Additionally, the Relative Strength Index (RSI) currently reads around 60.77, placing the Bitcoin price in bullish territory without being overbought. This RSI level implies that BTC still has room to advance before hitting an overbought zone, aligning with the possibility of further gains.

Bitcoin Price Could Soar More Despite The Short Pull Back

Currently, BTC is trading around $70,233.22, slightly below a recent high. This indicates a period of consolidation or a minor pullback after a strong rally. If BTC maintains this range without falling below the identified support level, this consolidation could provide support for the next bullish leg.

Generally, BTC appears set for continued upward momentum, with a possible target of around $80,000 if bullish factors persist.

If the support fails, a deeper correction might follow, while an RSI nearing overbought territory could signal a temporary pullback.

Flockerz Blasts Past $1.2 Million: Next Crypto To Explode?

As Bitcoin dumps, so vote-to-earn (V2E) meme coin Flockerz (FLOCK) continues to pump in presale and has just blasted past $1.2 million in funds raised.

According to analyst and Youtuber Crypto Zeus, with over 79K subscribers, $FLOCK “could be huge.”

Flockerz aims to bring true decentralization to the meme coin world by incentivizing token holders to participate in its development.

That means that project investors will be rewarded with FLOCK tokens simply for voting on the project’s key decisions. This approach is designed to tackle the common problem of voter apathy in meme coin governance.

At the heart of the project is Flocktopia, a decentralized autonomous organization (DAO) in which every stakeholder’s voice matters.

No need to manifest when the flock’s always rising together.

Upward we go, stronger side by side! ✅ pic.twitter.com/VMgTLufYFu

— Flockerz (@FlockerzToken) October 31, 2024

Still, right now one of the key attractions of the token is its extraordinary staking yield, which stands at an astronomical 1,397%.

Each $FLOCK token costs $0.005909