Bitcoin (BTC) continues to move toward the $68,000 mark, but technical analysis from crypto expert Emperor suggests that several resistance levels remain in play before this target can be reached. A tweet from EmperorBTC outlines key levels for traders to watch, including potential buy zones and resistance areas.
BTC Retesting Key Technical Levels
According to EmperorBTC, Bitcoin has recently lost two crucial support levels: the Monthly VWAP (Volume Weighted Average Price) and the H4 200 EMA (Exponential Moving Average). After breaking below these points, Bitcoin is now retesting them.
Bitcoin Price Update1. First test of retesting Monthly VWAP + H4 EMA after losing it on October 1st. Expect some resistance at least.2. October Open is the first level of significance, a month that's usually bullish seeing an open dump and a reclaim up implies that we head… pic.twitter.com/staioHMuJ2
— Emperor (@EmperorBTC) October 4, 2024
The analyst sees these levels as areas of confluence resistance, meaning the initial test may face challenges. However, a successful break above could indicate a stronger bullish trend for BTC.
In addition to these levels, he considers the October open price an important point of reference. Despite the sharp drop at the beginning of the month, known as an “open dump,” the price has reclaimed this level, which suggests a potential for further upward movement.
The Importance of $63,000 Resistance
EmperorBTC emphasizes the significance of the $63,000 resistance level. He views this as the first major barrier before Bitcoin can aim for higher prices. According to the chart analysis, a continuous surge could be facilitated once Bitcoin’s price crosses this level.
On the other hand, if the $63,000 opposition is strong, Bitcoin could find challenging to rise temporarily. He advises to monitor this level closely, as a rejection could lead to a temporary pullback.
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Buy Zones Around $57,500
In the event of a rejection at $63,000, EmperorBTC identifies $57,500 as a key support level where buyers may step in. This level, coinciding with a previous support from September, is also near a key Fibonacci retracement point, which makes it an attractive zone for short-term traders looking for a bounce.
The final hurdle before Bitcoin reaches $68,000 is the supply zone identified by EmperorBTC. This zone aligns with a Golden Fibonacci retracement level, adding further weight to its importance. A clear breakout above this resistance would open the door for BTC to test the $68,000 level and potentially move even higher.
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The post Bitcoin Price Update: BTC Is Ready for $68,000 and Above, But Here’s the Catch appeared first on CaptainAltcoin.
