Bitcoin (BTC), by far the most valuable cryptocurrency, began the third week in October with an 8% daily increase. BTC’s strong performance has fuelled bullish sentiment among cryptocurrency investors and traders, suggesting that it could be on its way to $75,000 or more.
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Bitcoin Reclaims Key Stability Levels
Bitcoin’s prices began the week by reclaiming important resistance levels following a surge of 6% from Sunday. BTC moved from the $62,000 to retest On Monday morning, the support area of $66,000 was opened.
Bitcoin’s performance has improved in recent months, and the monthly returns for October have been positive with a return of 3.17 percent, as per. Coinglass data. Rekt Captial, an analyst at crypto firm Rekt, has highlighted Bitcoin’s most recent movements. BTC is able regain a two month downtrend.
According to the analyst, flagship cryptocurrency Bitcoin has gained a lot of popularity. retested A downtrend line that dates back to the end of July has existed since the start of October. BTC has successfully bounced off the trendline two weeks in a row, making the range support.
Analysts have also pointed out several times that Bitcoin has successfully retested, including the aforementioned retest. “volatile retest” The 21-week Bull Market Exponential Moving Average.
“Notice how the bottom of the green boxed area is confluent with the July Downtrend retest and the retest of the 21-week EMA is confluent with the top of the green box,” The analyst also added.
Similarly, Ali Martinez highlighted BTC has made another attempt at reclaiming the 200-day moving average after being rejected four times in a row over the last two months.
BTC Challenges the August Highs
Rekt Capital has noted that BTC is firmly rooted in the range between $58,000 and $61,000 as an area of support throughout the year. “It has done so at a Higher Low compared to last month’s downside wicking lows as well as August’s downside wicking lows.”
In addition, the analyst said that Bitcoin challenged After the recent retesting of key levels, August highs are at about $64,200. BTC’s recent moves, he said, are not a coincidence. “clear sign” The level of August is “weakening as resistance.”
Rekt Capital noted that BTC has retested the top of the weekly channel downtrend, which also appears to be weakening. The cryptocurrency’s flagship successfully tested this channel range lows for support.
The 7-month range lows are confluent with the area of previous highs (ATH). The analyst was adamant that the market would continue to rise. noted BTC’s weekly closing must be above the top of the channel downtrend to escape this pattern.
If the weekly close is above August’s high, and then a successful test of that level occurs, it would be a good sign. “pose a significant buy-side pressure on the Downtrending Channel Top,” The acceleration could occur if BTC’s close on a daily basis is above $64,200.
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A daily closing above $65,000, and a profitable reclaim The range could be used as a resistance area, pushing BTC towards the $70,000 level. Analyst noted that when Bitcoin finished the day at this level or higher, it moved in the range of $65,000 to $71,350 the next days.
BTC’s current price is $65,812, which represents a weekly increase of 4.3% and a monthly rise 10.3%.
Charts from TradingView.com and Unsplash.com.
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Source: www.newsbtc.com
