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The Bitcoin price edged up a fraction of a percent in the last 24 hours to trade at $68,611 as of 03:28 a.m. EST on trading volume that surged 23% to $41.62 billion.
This comes as Mt.Gox moved another $2.2 billion worth of Bitcoin on Monday, identified through wallets tracked by blockchain analytics firm Arkham Intelligence.
Bitcoin briefly slid below $68,000 during Asian market trading but has since clawed back losses.
Meanwhile, US spot Bitcoin ETFs (BTC ETF) reported $541 million in net outflows on Nov. 4, the second-largest daily outflow since launch in January. Fidelity’s FBTC recorded the highest outflows at $169 million.
🚨BREAKING: Yesterday, the Spot #Bitcoin ETF had an outflow of $541.07 million, the second-largest outflow in its history.⚠️ pic.twitter.com/iZTTRRlMHU
— Dz_4L🐋 (@DZ_Trader4L) November 5, 2024
Bitcoin Price On A Sustained Bullish Trend
The Bitcoin price recently tested the upper boundary of the rising channel pattern around $72,000, which often acts as resistance, and has pulled back slightly, according to data from GeckoTerminal. This kind of pullback within a channel typically suggests a temporary correction in a more significant uptrend.
The upper and lower trendlines act as dynamic resistance and support, respectively.
BTC still trades above the 50-day and 200-day Simple Moving Averages (SMAs), indicating that the asset is still on an upward trajectory.
The RSI is slightly below 50, currently at 48, which implies neutral to mildly bearish momentum. This is not a strong overbought or oversold signal but indicates that the recent pullback has somewhat reduced buying pressure.
BTC Price Analysis
According to the BTC/USD chart analysis, the Bitcoin price is still within the rising channel pattern. The channel’s lower trendline, along with the 50-day SMA around $67,776, is acting as immediate support. This zone could be a potential bounce area for the price.
A successful bounce off the lower boundary would confirm strength and potentially lead to another test of the upper channel. In this scenario, bullish investors are targeting $76,000.
Conversely, if the price drops below the lower boundary, BTC could plunge to the 200-day SMA at $62,402.
As the Bitcoin price aims for a bullish rally, some investors are turning to presale meme coins like the newly launched Flockerz (FLOCK) for more explosive upside potential.
According to 99Bitcoins, a popular crypto channel on YouTube with over 706K subscribers, $FLOCK has the potential to soar 100X after its launch.
Flockerz Heads For $2 Million In Blockbuster Presale
Flockerz has raised more than $1.26 million in its ICO as it continues its mission to put the power back in the hands of the crypto community.
Armed with the first-ever vote-to-earn (V2E) mechanism, Flockerz is transforming decentralization as we know it.
Compared with many other crypto projects where a small group makes decisions of people, FLOCKERZ allows its community more control over decision-making.
Its V2E platform allows community members to determine the project’s future and get compensated for their work. Flocktopia, the decentralized governance framework of FLOCKERZ, is at the center of the project and allows every holder to have a say in decisions.
Buy And Stake $FLOCK For 1,326% Annual Rewards
Another reason investors are flocking to the presale of its native token, $FLOCK, is its mouth-watering staking rewards, currently perched at a dazzling 1,326% in annual rewards.
In the turbulent skies of crypto, it’s all about flying together. Strength in numbers, success in unity—fly with the flock! pic.twitter.com/vPwC75koVx
— Flockerz (@FlockerzToken) October 15, 2024
Investors interested in joining the presale can visit the official Flockerz website to buy FLOCK tokens at the current price of $0.0059334 per token using BNB, ETH, or USDT. You can also make a purchase using your bank card.
Buy before a price hike in less than 24 hours to secure the best deal.
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