Bitcoin Above $60,000: What’s Next For The Bullish Trend? Analysis From October 9, 2024

After showing signs of recovery in September, Bitcoin starts October on a downtrend. Let’s analyze the future prospects of BTC price together.

Bitcoin (BTC) Price Situation

After reaching a peak at $65,000, Bitcoin plunged again below $60,000 and then reached $52,500. It is from this price level that the cryptocurrency regained buying interest, allowing it to erase the last drop. Thus, Bitcoin recorded a 26% increase to mark a new peak at $66,500. Unfortunately, reaching this level then triggered selling pressure, weighing on the BTC price. The cryptocurrency quickly fell back below $60,000 before rebounding at that level.

Indeed, at the time of writing this text, the Bitcoin price was trading around $62,300. Thus, it is below its high-value area, identified around $63,200. It is interesting to note that Bitcoin attracted buying interest up to a level close to $64,500, before slightly declining. This shows existing buying interest, but losing strength. Thanks to its rebound, the Bitcoin price has regained strength and reintegrated the 50-day moving average. However, the medium-term trend of the cryptocurrency continues to be called into question as Bitcoin evolves below its 200-day moving average. Regarding the BTC dynamics, we notice that it underwent a subtle rebound before recently decreasing, as evidenced by its oscillators as well as its price.

The current technical analysis was carried out in collaboration with Elie FT, an investor and passionate trader on the cryptocurrency market. Today a trainer at Family Trading, a community of thousands of proprietary traders active since 2017. You’ll find Lives, educational content, and mutual support around financial markets in a professional and friendly atmosphere.

Forecasts for Bitcoin (BTC) Price

• If the Bitcoin price holds above $60,000, one could anticipate reaching $65,000. The next resistance to consider would then be around $66,500. If the upward movement continues, one could envisage progress up to $70,000, which would represent an increase close to 12.5%.

• On the other hand, if Bitcoin does not manage to stay above $60,000, one could consider a return to $57,800. The next support to watch, in case the downward movement continues, would be around $54,500. Lower, we note the support at $52,700, which would represent a decrease of about 15%.

Conclusion

Bitcoin has experienced high volatility lately, with significant gains followed by marked decreases. Despite renewed buying interest that compensated for some losses, the cryptocurrency continues to evolve in a zone of uncertainty, with its medium-term trend still fragile. Recent fluctuations suggest a hesitant dynamic, influenced by selling pressures. Thus, it will be essential to closely monitor price reactions to key levels to validate or revise current forecasts. It is also important to remain cautious against potential “fake outs” and “market squeezes” in each scenario. Finally, let’s remember that these analyses are based solely on technical criteria and that cryptocurrency prices can quickly evolve depending on other more fundamental factors.