Bitcoin update Oct., 15, 2024

Financial Market Update on Bitcoin as of October 15, 2024

Bitcoin has recently surged past the $66,000 mark, showcasing a significant bullish trend following the market open on October 15. This price action reflects a strong buying interest, potentially signaling the beginning of what enthusiasts might refer to as "Uptober," a period to be known for bullish trends in Bitcoin's price.

Price Analysis: As of the market close, even though the crypto markets never close, Bitcoin's price is hovering around $66,038.35, with a 24-hour trading volume indicating robust market activity, reaching over $37 billion. This uptick suggests not only increased interest but also possibly the absorption of liquidity around this price level, which could set the stage for further price movements either to test higher resistance or to see a continued consolidation within the new range of 66,300 and 60,300.

 With Bitcoin's price breaking through significant resistance levels, the market might be on the cusp of another wave higher to test the thick band of resistance starting at around 68,300 and going all the way to around 72,000 at the all-time high. However, the crypto market's volatility means that traders are advised to remain vigilant. The discussion around Bitcoin's use case, beyond speculation, as a store of value or a medium of exchange, continues, influencing its adoption rate and price.

This update encapsulates both the technical price movements and the broader market sentiment, reflecting a dynamic period for Bitcoin where both opportunity and risk are heightened. Always consider the volatile nature of cryptocurrencies when making investment decisions and stay informed through real-time regular updates from SML Advisory LLC, at www.smladvisory.com

In the interest of full disclosure. Please remember that the crypto market continues to navigate through regulatory scrutiny, with discussions around whether cryptocurrencies like Bitcoin should be classified as securities influencing market behavior. However, this hasn't deterred all investors; reports suggest significant interest from institutional investors, possibly fueled by the introduction of Bitcoin ETFs and other financial products aimed at bringing more traditional investment into the crypto space. In my opinion, Crypto currencies are here to stay but the regulatory environment is an ever-changing landscape.

Happy trading everyone!

Shawn Loddy

shawn@smladvisory.com