Cardano

bullish

Bitcoin

<ul class="wp-block-list">
 <li>Bitcoin faces bearish October with potential drop below $60,000.</li>
 <li>Analysts warn of further correction, targeting $57,400 support level.</li>
</ul>
Bitcoin (BTC) has started October on a bearish note, trading at $62,277.28, with a slight 1.4% uptick in the past 24 hours, after hitting a two-week low of $59,828 just three days ago. Over the past week, Bitcoin has declined by 5%, with its trading volume down by 20%.
Despite the recent rally that saw <a href="https://thenewscrypto.com/can-bitcoin-btc-break-through-the-65k-barrier-soon/" target="_blank" rel="noopener noreferrer nofollow">BTC</a> reach $66,140 on September 8, a bearish engulfing pattern on the weekly chart is forming, signaling potential consolidation ahead. Analysts suggest a possible drop below $60,000, with analysts highlighting the risk of a further dip towards $57,400—an important support level within the Fibonacci 0.50-0.618 retracement zone.
The unfilled CME gap at $54,000 also remains a critical factor, with market experts predicting Bitcoin could retest this level. Should BTC fall below $52,510, it could invalidate the bullish trend and trigger a more extended correction.
Moreover, market sentiment is cautious as investors await the <a href="https://thenewscrypto.com/u-s-energy-department-probes-bitcoin-mining-energy-usage/" target="_blank" rel="noopener noreferrer nofollow">U.S.</a> September jobs report, which could influence the Federal Reserve’s interest rate decisions and, in turn, impact crypto prices. Despite the downturn, some analysts remain optimistic about a short-term recovery, citing strong demand from U.S.-based investors.
<h3 class="wp-block-heading" id="h-can-btc-bulls-recover">Can BTC Bulls Recover?</h3>
On the technical side, Bitcoin’s daily chart suggests a bullish trend. The 9-day Exponential Moving Average (EMA) sits at $62,814, and the Relative Strength Index (<a href="https://www.tradingview.com/symbols/BTCUSDT/" target="_blank" rel="noopener noreferrer nofollow">RSI</a>) stands at 58, indicating neutral market conditions. Immediate resistance levels for BTC are set at $63998 and $68373, while downside risks could see it drop to $59211, with support at $54754.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdk9tW53bbqDsxqRMIO4mv12o0mPW6eeKbjeVYngIwy4kJyCgqbAUunVnwjdH-CDkPJkg3UeOCjcbyvzZruokJerqyuBEUUp4D2K9RrUynkaA4kXadvRzPa57eCRarGC41TYTx3SjzXseIRrY_N-x4YZoHx?key=A7sQQyOxlwzEIa0YorNTuA" alt="">
 <figcaption class="wp-element-caption">
 BTC Price Chart, Source: TradingView
 </figcaption>
 </figure>
</div>
As Bitcoin <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">hovers</a> around the $60,000 mark, the coming days may determine whether the current sell-off marks the beginning of a deeper correction or a buying opportunity for traders.
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Will Bitcoin Uptober Downturn Trigger a Steeper Drop?

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