BTC Sets Sights on $71K: Will the Strong Monthly Candle Attract Bulls?

• Bitcoin targets $71K as strong technical indicators suggest continued bullish momentum.
• Key resistance lies at $69,000 and $70,000, with support around $66,500 and $64,000.
• External factors like Fed policies and SEC actions may impact Bitcoin’s price movement.

Bitcoin’s recent price surge has drawn plenty of attention. With just a few days left in October, the monthly candle looks strong, hinting at a possible run to $71,000. Bulls seem in control, pushing prices above key technical levels. But can this momentum last, or will resistance hold the line?

#Bitcoin Next Target: $71,000 ??

The monthly candle is looking strong with just a few days left. #BTC seems set to reach $71,000 before the month closes. pic.twitter.com/NvFS6FCamY

— Titan of Crypto (@Washigorira) October 27, 2024

Bulls Eye $71,000 as Momentum Builds

BTC trades above both the 50-day and 200-day EMAs, signaling a bullish trend. A break past $67,500 could set off a rally toward $69,000. From there, a move back to the October 21 high of $69,402 may pave the way to $70,000.

If momentum continues, BTC could test the all-time high of $73,808. Technical patterns back up this optimistic outlook. The descending broadening wedge on the daily chart shows bullish pressure building. Last week’s close above this pattern hinted at a breakout, driving Bitcoin higher.

The 50- and 200-day SMAs also sit below the current price, suggesting a solid foundation for further gains. Meanwhile, the RSI, reading 57.34, indicates there’s room for a rally before overbought conditions appear.

Support and Resistance Levels Hold the Key

While the trend leans bullish, caution is still necessary. A slip below $66,500 might signal a pullback toward $64,000. Here, the 50-day EMA aligns with strong support, potentially increasing buying pressure. Traders will want to watch this level closely.

External factors could also impact Bitcoin’s movement. The Federal Reserve’s rate policies, the upcoming U.S. elections, and SEC decisions may all play a role in BTC’s path. These events could either fuel a rally or apply downward pressure, depending on how they unfold.

For now, the $71,000 target might soon become a reality if Bitcoin holds steady. Whether this signals a new surge or a temporary peak remains uncertain. But with technical indicators leaning bullish, traders and investors are ready for another push toward history.

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