After 4 consecutive days of uninterrupted growth, Bitcoin has officially paused and nearly touched the threshold of $72,600. With a rise of 9% in just the past 4 days, forecasts suggest that October is indeed "Uptober" with positive signs from the market.
However, after reaching a short-term peak, Bitcoin needs time to adjust and rest. It is expected that the price will return to test the support area around $69,000. According to trading volume data, there is significant selling pressure as the price approaches $72,700, marking this as an important resistance level. Short sellers will begin to act vigorously at this price area.
Detailed analysis of market trends
Strong growth in a short time: With a 9% increase in just 4 days, Bitcoin has proven its strength in October. This aligns with the overall trend of the cryptocurrency market during this period, as many investors are optimistic about Bitcoin's long-term potential.
Resistance level at $72,700: This is the area where selling pressure becomes most apparent, making it difficult for Bitcoin's price to break through without a correction. This indicates that the market is entering a phase of accumulation and adjustment after a period of rapid growth.
Testing area at $69,000: If Bitcoin cannot surpass the resistance of $72,700, it is likely that the price will return to test the support area of $69,000. This is an important price level that could help stabilize the market before new growth phases occur.
Vision for the coming days
In the short term, it is likely that Bitcoin will face a slight adjustment as large trading volumes at the resistance area put pressure on the price. However, Bitcoin's return to test the support area is necessary to consolidate and lay the foundation for the next growth phases. Investors need to closely monitor market developments during this period while being cautious with buy/sell orders at important price levels like $72,700 and $69,000.
Overall, this adjustment is a natural part of the market cycle, and there is nothing too concerning if Bitcoin continues to receive support from lower price levels. Meanwhile, attention will continue to focus on key price levels, especially the resistance threshold of $72,700 and the strong support area of $69,000.