Bitcoin

Resistance

Material

Bitcoin (BTC) climbed to multi-day highs on October 12, as markets mirrored last weekend’s brief upward movement.
Data from Cointelegraph Markets Pro and TradingView showed BTC nearing $63,500, with a 1.5% gain on the day, similar to its behavior the previous weekend.
Bitcoin made strong gains during the October 11 Wall Street trading session after spending much of the week testing the $60,000 support level.
Following U.S. equities, Bitcoin brushed off new inflationary pressures in the U.S., despite markets scaling back expectations for future interest rate cuts.
“Initial low was swept &amp; clearly inability to breakdown so naturally there’s a reversion,” wrote popular trader Skew in his analysis of 4-hour timeframes on X.
Skew pointed to relative strength index (RSI) scores above 50 and spot demand as key indicators for a potential move upward.
“Monthly &amp; Weekly open are always pretty pivotal so very important for buyers to reclaim for another shot at $65K,” he concluded.
The monthly and weekly open levels are $62,850 and $63,330, respectively, making this price range a critical battleground for BTC.
Analyzing liquidity in exchange order books, trading resource Material Indicators identified two additional upside targets for BTC, just below $65,000.
“FireCharts shows Bitcoin support stacking above $63k, and it looks like bulls want to challenge the 200-Day Moving Average,” Material Indicators explained to its X followers.
“If they are successful in clearing the 200-Day MA, they will attempt to R/S flip Technical Resistance at the 2021 Mid-Cycle Top at $64.9k.”
These levels suggest that Bitcoin’s next significant challenge lies just below the $65,000 mark, where market momentum will be tested further.

Bitcoin Rallies and Prepares For Huge Breakout

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