Bitcoin Technical Analysis Report | 7th October 2024
On September 22, Bitcoin briefly dipped below $63,000, signalling potential profit-taking by short-term traders. Analysts suggest that Bitcoin may undergo a brief consolidation phase before making another attempt to breach the critical resistance at $65,000. Despite this dip, Bitcoin has maintained support around $62,000 as the weekly close approaches, benefiting from a strong rebound off the September support level, which sits $10,000 lower. This recovery has sparked renewed buying interest for select altcoins, several of which have successfully broken through their respective overhead resistance levels.
At the time of writing BTC was trading at $63,640
BTC, after taking good support at the crucial level of $52,500, surged almost by 26.66% up to $66,498. The bulls, however, failed to break the resistance of $66,500 and the asset witnessed some profit booking. BTC continues to trade in a Descending channel pattern, where the upper downsloping line is acting as the resistance and the lower downsloping line is the support. Once BTC gives a breakout, above the Descending channel pattern, then we may expect the prices to rally and cross the previous all time high of $73,777.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. | |
| $56,000 | $62,000 | BTC | $66,500 | $73,777 |
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