Major

bullish

Bitcoin

<p>Bitcoin’s recent price movement has left investors uncertain, with the asset nearing $64,400 on October 7 before facing strong resistance. This sudden bearish pressure drove Bitcoin back down to $62,000, reflecting the ongoing clash between buyers and sellers in the market. The price chart <a href="https://coinpedia.org/news/bitcoins-golden-cross-set-to-spark-massive-rally-as-10-billion-short-squeeze-looms/" rel="noopener noreferrer nofollow">suggests that Bitcoin could risk</a> giving up its recent gains if bearish trends continue.</p>  
<h2 class="wp-block-heading" id="h-bitcoin-struggles-at-64k-mark">Bitcoin Struggles at $64K Mark</h2>  
<p>In recent days, <a href="https://coinpedia.org/news/bitcoin-crushes-gold-and-silver-to-become-2024s-top-surged-asset-is-90k-next/" rel="noopener noreferrer nofollow">Bitcoin saw renewed</a> bullish sentiment, reaching as high as $64,000 during the weekend. The upward momentum continued into the U.S. trading session, only to face selling pressure at the $64K level. After briefly crossing this milestone, Bitcoin’s price dropped by 3.49%, marking a local top that led to a significant dip.</p>  
<p>As Bitcoin now hovers near $62,000, analysts are closely monitoring the 50-day and 200-day moving averages. If these averages cross in a “golden cross” pattern, it could signal a bullish trend, encouraging new buyers.&nbsp;</p>  
<p>But for this to happen, Bitcoin must hold above the key support level of $61,800. If it fails to hold, prices could slip lower, potentially toward $57,900.</p>  
<h2 class="wp-block-heading" id="h-analysts-predict-new-ath-for-bitcoin-nbsp">Analysts Predict New ATH for Bitcoin&nbsp;</h2>  
<p>Despite the recent pullback, some analysts remain positive. Philip Swift, a well-known crypto analyst, highlighted that global liquidity is at record highs, which could help push Bitcoin to new peaks.&nbsp;</p>  
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<p>Swift believes this liquidity increase might even drive Bitcoin past its $64K mark, possibly toward $70K, if conditions improve. However, short-term challenges, like global economic issues and uncertainty, could still affect Bitcoin’s immediate path.</p>  
<h2 class="wp-block-heading" id="h-chinese-stocks-experience-major-drop">Chinese Stocks Experience Major Drop</h2>  
<p>While Bitcoin’s price trembled, Chinese stocks saw a sudden drop after a recent rally fueled by China’s new stimulus plans. Stocks like Alibaba and Baidu fell between 8% and 17%, while the Hang Seng Index dropped 9.5%, marking its worst slide since 2008. Investors seem to be taking profits as momentum slows in the Chinese market.</p>  
<p>For now, <a href="https://coinpedia.org/price-analysis/btc-price-will-hit-65000-this-week-is-the-bitcoin-bull-market-still-on/" rel="noopener noreferrer nofollow">Bitcoin’s next move hinges</a> on breaking through the $64K resistance level. If successful, it could mean more gains. But if not, Bitcoin may see a deeper correction as both global and market factors play a big role in the crypto’s direction.</p>

Bitcoin Hits $64K, Faces Bearish Reversal: Will It Hold or Drop Further?

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