Bitcoin Price Analysis: BTC Soars 3% as Bulls Target $66,206 Mark

The Bitcoin price has increased 3% today, with the BTC/USD trading at $64,862 at press time. Accompanying the noticeable price movement is its 24-hour trading volume, which has surged 97% to $31.23 billion, suggesting increased market activity. Moreover, its market capitalization has notably skyrocketed by 3% to $1.28 trillion. BTC is now up 2% in a week, 8% in a month and 140% in a year. 

Meanwhile, the Google search volume for “Bitcoin” recently hit a 1-year low of 33. Global interest, measured on a scale of 100, fell to 33. This drop in searches has sparked investor debate on whether the pioneering crypto has a bullish or bearish outlook. During the same period, search volume for “meme coins” reached 77/100, nearly hitting its all-time high of 100, set in late October 2023.

📊 Bitcoin search volume hits a yearly low while interest in 'memecoins' surges.

As of October, Google searches for "Bitcoin" fell to 33/100, marking a significant drop to a 1-year low. Meanwhile, "memecoins" climbed to 77/100 during the same period, nearing its all-time high of… pic.twitter.com/FuXwKyzpJz

— Mpost Media Group (@mpost_io) October 14, 2024

The Crypto Quant CEO Ki-young-ju has mentioned that search volume for meme coins will reclaim that previous all-time high by the end of October, as market interest in these digital assets remains strong.

Bitcoin Statistical Data

Based on CoinmarketCap data: 

• BTC price now – $64,862
• Trading volume (24h) – $31.23 billion
• Market cap – $1.28 trillion
• Total supply –19.77 million
• Circulating supply – 19.77 million
• BTC ranking – #1

How High Can Bitcoin Price Go?

The Bitcoin price is holding a steady uptrend, as the bulls are leaving no stone unturned in the market. The pioneering cryptocurrency has reclaimed the $64,000 mark after climbing from the $62,016 support level. The BTC price is in an uptrend, as evidenced by the higher highs and lower lows recorded in the past few days. The recent price movements have resulted in an ascending parallel channel.

BTC holds above key moving averages like the 50-day SMA (green) at $62,400 and the 200-day SMA (blue) at $62,137 Simple Moving Average. This reinforces the bullish grip on BTC, tilting the odds in favor of the buyers.

However, caution is advised, considering the Relative Strength Index (RSI) is currently entering the overbought region. The RSI currently sits at 70.07, suggesting increased buying pressure. If BTC loses momentum at this level, it would be forced to retrace in search of fresh liquidity before resuming the uptrend. In that case, traders should keep certain levels in mind as they will likely serve as support areas to absorb the selling pressure.

The Moving Average Convergence Divergence (MACD) line (blue) has flipped above the signal line (orange), and both are above the neutral level. This configuration shows bullish momentum. The green histograms also show a bullish sentiment as they are growing in size. If traders rally behind BTC, as shown by the MACD, the price could rally as the momentum builds further.

Bitcoin Price Outlook

The bulls have put their best foot forward, quashing the seller congestion in the market. If they capitalize on the MACD indicator, which calls for traders to rally behind BTC, the price could soar. In such a case, the bulls will target the next technical barrier at $66,206. 

Conversely, considering the Relative Strength Index (RSI) is currently in the overbought region if BTC loses momentum at this level, it would be forced to retrace in search of fresh liquidity before resuming the uptrend. In that case, traders should keep certain levels in mind, as they will likely serve as support areas to absorb the selling pressure. Increased selling pressure will see the support level at 62,400, a cushion against further losses.