Bitcoin (BTC) took aim at the $64,000 mark again on October 1 after BTC closed September at a new record high.
BTC Price Defies “Rektember”, Up 7%
Data from TradingView shows BTC/USD rebounding after a brief dip below $63,000. Closing September at $63,300, BTC posted a 7.3% gain, according to data from monitoring resource CoinGlass — Bitcoin’s best September on record.
Despite failing to turn $65,000 into support after reaching it last week, bulls have held a key mid-term resistance level in the form of the 21-week simple moving average (SMA). Doing so is key to avoiding “opening the door” to a retest of the range lows, according to Keith Alan, co-founder of trading resource Material Indicators.
“Losing the 200-day MA is not a good sign, but holding the 20-week MA (temporarily) is good. Losing both would be a sign of weakness,” he summarized in a post on X.
Popular brand Daan Crypto Trades observed a change in order book liquidity, located at the levels of USD 62,700 and USD 67,000, marking the respective support and resistance levels.
“Retest the 200-day moving average after breaking through it again,” he continued, agreeing with Alan.
“It has struggled to hold that level since the beginning of the year. Whether BTC trades above or below is a good indicator of momentum and strength in the medium/long term.”
In the shorter timeframes, trader Roman is among those confident of an upward continuation.
“There are currently nice bullish divergences forming on H4,” he told followers on X, referring to the bullish divergence between price and the relative strength index (RSI).
As TinTucBitcoin reported, such scenarios often signal a bullish BTC price.
“Expect some upside/sideways movement that could bring upside consolidation rather than skewness on the 1D chart,” Roman forecasts.
Bitcoin Buy Plan as the Plunge Gets Under Control
Many others have suggested a “buy the dip” strategy as a suitable short-term approach, although progress has faded outside the $65,000 level.
“Bitcoin officially made a higher high by closing above $65,000 – on a weekly basis,” trader, analyst and podcast host Scott Melker, known as “The Wolf of All Streets,” noted.
“We now look for dips to buy as it could set a new higher low. Altcoins are also acting similarly, retesting their major resistance levels as support.”
Cryptocurrency trader, analyst and entrepreneur Michaël van de Poppe, meanwhile, has reaffirmed his plans for a new Bitcoin high.
“Taken liquidity above recent highs and is pulling back,” part of the post on X read before the monthly candle completed.
“I think we are in a new uptrend, which means dips are for buying. In that sense, if we get a retest at $60.5-61.3K, I would be interested before we test the ATH.”
