Technical analysis by Wunderbit about Symbol BTC: Sell recommendation (10/17/2024)

Bitcoin has just entered a resistance order block on the daily timeframe, signaling a critical point for the asset's future direction. This resistance block is located at the top of the Value Area zone. It's crucial to closely monitor Bitcoin's behavior at this stage to gauge its next moves. The most probable scenario suggests that Bitcoin could approach the $70,000 level and attempt the liquidity grab. If it faces strong rejection at this price point, it is likely to remain within a broad horizontal trading range, continuing its rotation between support and resistance levels. In this case, the nearest resistance area would be around $61,700.However, if sellers do not exhibit significant activity near the $70,000 mark, it’s possible that Bitcoin could consolidate in the $68,000-$70,000 zone. This would indicate the potential for further upward momentum, where Bitcoin might attempt to establish a new all-time high. Monitoring the price action around these key levels will provide valuable insight into whether the asset will push higher or remain within its current range.