Bitcoin exceeds $68,000 and struggles to get out of the bearish channel
There are bullish expectations for bitcoin in the fourth quarter of 2024.
Several cryptocurrencies have surged higher, following the behavior of bitcoin.
The price of bitcoin (BTC) this October 16 has surpassed the $68,000 barrier.
At the time of this publication, as can be seen in the CriptoNoticias Price Calculator, each BTC trades for almost $68,300 on the main exchanges.
If bitcoin continued to rise with sufficient strength and volume, as seen in the image above, would break the upper limit of the bearish channel which has kept him trapped since March 2024.
In that way, bitcoin would be enabled to search for the $74,000 area again and thus set new historical highs.
The rise in bitcoin price has caused many altcoins (cryptocurrencies that are not bitcoin) to skyrocket.
In the image below, taken from the portal CoinMarketCapyou observe the 10 cryptocurrencies with the highest weekly rise (within the top 100 by highest market capitalization):
Ethena (ENA) leads the race with a 45% increase in its price in the last 7 days.
As can be seen, several memecoins are on the list. Among them “cat in a dogs world” (MEW), Brett (BRETT), Mog Coin (MOG), First Neiro On Ethereum (NEIRO) and Dogecoin (DOGE).