BTC market analysis on October 16: $BTC

Review of October 14:

The day before yesterday, we mentioned that the price ran above $60,000 for two consecutive days over the weekend, and then rebounded strongly, reaching the pressure level of around $64,000 mentioned earlier. In the short term, if the price does not fall below $62,000 today, the rebound trend will continue.

The trend from yesterday to today is in line with our expectations. The BTC price continues to fluctuate upward and has now broken through the short-term pressure level. Next, pay attention to the upper $72,000. Once this pressure level is broken, it will start to rise sharply. In the short term, the price will continue to rise if it does not break $65,000, and it will be bearish if it falls below.

BTC upper pressure level: around $72,000

BTC lower support level: around $65,000