bullish

Bitcoin

Material

Daily

Bitcoin (BTC) retargeted $64,000 on Oct. 1 after achieving a new monthly close record for September.
Data from Cointelegraph Markets Pro and TradingView indicated that BTC/USD rebounded after a brief drop below the $63,000 mark.
With a closing price of $63,300, the September monthly close represented a gain of 7.3%, according to monitoring resource CoinGlass—marking Bitcoin’s best performance for the ninth month of the year.
While it failed to establish $65,000 as support after reaching that level last week, bulls managed to hold onto a crucial mid-term trend line represented by the 21-week simple moving average (SMA).
Keith Alan, co-founder of trading resource Material Indicators, stated that maintaining this trend line was vital to avoid “opening the door to a retest” of the range lows.
“Losing the 200-Day MA is not a good sign, but holding the 20-Week MA (for now) is. Losing them both would be a sign of weakness,” he explained in a post on X.
Popular trader Daan Crypto Trades observed changes in order book liquidity, noting stacking at $62,700 and $67,000, which mark the support and resistance levels, respectively.
“Testing the Daily 200 Moving Average after breaking above it yet another time,” he continued, echoing Alan’s sentiments.
“So far this year it has struggled to hold on to that level. Whether BTC trades above or below is a good mid/high timeframe momentum and strength indicator.”
On lower timeframes, fellow trader Roman expressed confidence in continued upward movement.
“Some nice bull divs now forming on H4,” he noted, referencing a bullish divergence between price and the relative strength index (RSI) indicator.
As previously reported, such scenarios often precede bullish BTC price action.
“Expecting some upward movement/chop which will hopefully give us upwards consolidation instead of our 1D deviation,” Roman forecasted.
Others suggested “buying the dip” as a practical short-term strategy, despite fading progress beyond $65,000.
“Bitcoin officially made a higher high by closing above $65,000 — on the weekly as well,” remarked trader and analyst Scott Melker, known as “The Wolf of All Streets.”
“Now we look for dips to buy as it potentially establishes another higher low. Altcoins largely look the same, backtesting their own key breakout resistances as support.”

Bitcoin Retargets $64,000 as New All-Time High Predicted in Q4

Crypto Intelligence

Other articles published on Oct 1, 2024

Mark Your Calendars for October 9th: The Official Solidus Ai Tech AI Marketplace Launch

Can October Propel Bitcoin and Ethereum Higher?

EigenLayer Token Debuts on Exchanges with $7 Billion FDV as Transfer Restrictions End

HashKey Capital and GCR Deposit $3.11M in EIGEN to Binance, Signaling Strategic Moves

Ripple receives in-principle license approval in Dubai

Crypto ETFs Could Launch in Japan with New Regulation

Join our free newsletter for daily crypto updates!