Cryptocurrency Opinion and Analysis

Bitcoin all-time high target remains as BTC price bounces back to $64K

2024.10.01 04:45

Bitcoin (BTC) retargeted $64,000 on Oct. 1 after the BTC price monthly close set a new September record.

Bitcoin all-time high target remains as BTC price bounces back to $64K

BTC/USD 1-hour chart. Source: TradingView

BTC price defies “Rektember” with 7% gains

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD rebounding after a brief trip below the $63,000 mark.

Coming in at $63,300, the September monthly close sealed BTC price gains of 7.3%, per data from monitoring resource CoinGlass — Bitcoin’s best-ever ninth month of the year.

Bitcoin all-time high target remains as BTC price bounces back to $64K

BTC/USD monthly returns (screenshot). Source: CoinGlass

While failing to flip $65,000 to support after hitting it last week, bulls nonetheless retained a key mid-term trend line in the form of the 21-week simple moving average (SMA).

According to Keith Alan, co-founder of trading resource Material Indicators, doing so was key to avoid “opening the door to a retest” of the range lows.

Bitcoin all-time high target remains as BTC price bounces back to $64K

Source: Keith Alan

“Losing the 200-Day MA is not a good sign, but holding the 20-Week MA (for now) is. Losing them both would be a sign of weakness,” he summarized previously in a post on X.

Popular trader Daan Crypto Trades eyed changing order book liquidity, this stacking at $62,700 and $67,000, marking support and resistance levels, respectively.

“Testing the Daily 200 Moving Average after breaking above it yet another tiime,” he continued, agreeing with Alan.

“So far this year it has struggled to hold on to that level. Whether $BTC trades above or below is a good mid/high timeframe momentum and strength indicator.”

Bitcoin all-time high target remains as BTC price bounces back to $64K

BTC/USD 1-day chart. Source: Daan Crypto Trades/X

On lower timeframes, fellow trader Roman was among those confident of upside continuation next.

“Some nice bull divs now forming on H4,” he told X followers, referring to a bullish divergence between price and the relative strength index (RSI) indicator.

As Cointelegraph reported, such scenarios often precede bullish BTC price performance.

“Expecting some upward movement /chop which will hopefully give us upwards consolidation instead of our 1D deviation,” Roman forecast.

Bitcoin dip-buying plans in full swing

Others suggested “buying the dip” as a suitable short-term strategy, despite progress so far fading beyond $65,000.

Related: New all-time high in ‘Uptober?’ 5 Things to know in Bitcoin this week

“Bitcoin officially made a higher high by closing above $65,000 – on the weekly as well,” trader, analyst and podcast host Scott Melker, known as “The Wolf of All Streets,” noted.

“Now we look for dips to buy as it potentially establishes another higher low. Altcoins largely look the same, backtesting their own key breakout resistances as support.”

Bitcoin all-time high target remains as BTC price bounces back to $64K

BTC/USD 1-day chart. Source: Scott Melker/X

Crypto trader, analyst and entrepreneur Michaël van de Poppe meanwhile doubled down on his plan for a new Bitcoin all-time high to come.

“Took the liquidity above the recent highs, and is coming back down,” part of an X post read before the monthly candle completed.

“I think we’re in a new uptrend, which means that dips are for buying. In that sense, if we get a retest at $60.5-61.3K, I’m interested before we test the ATH.”

Bitcoin all-time high target remains as BTC price bounces back to $64K

BTC/USDT 6-hour chart with RSI, volume data. Source: Michaël van de Poppe/X

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 60,877.31 2.21%
ethereum
Ethereum (ETH) $ 2,394.68 2.04%
tether
Tether (USDT) $ 0.999727 0.03%
bnb
BNB (BNB) $ 570.55 0.72%
solana
Solana (SOL) $ 139.75 2.77%
usd-coin
USDC (USDC) $ 1.00 0.04%
xrp
XRP (XRP) $ 0.528136 0.64%
staked-ether
Lido Staked Ether (STETH) $ 2,392.89 2.12%
dogecoin
Dogecoin (DOGE) $ 0.10778 0.72%
tron
TRON (TRX) $ 0.159613 0.08%
the-open-network
Toncoin (TON) $ 5.09 2.19%
cardano
Cardano (ADA) $ 0.340691 0.99%
avalanche-2
Avalanche (AVAX) $ 25.92 1.29%
shiba-inu
Shiba Inu (SHIB) $ 0.000017 1.46%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,830.49 2.07%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 60,804.29 2.05%
weth
WETH (WETH) $ 2,393.74 2.13%
chainlink
Chainlink (LINK) $ 10.60 2.08%
bitcoin-cash
Bitcoin Cash (BCH) $ 322.37 1.59%
dai
Dai (DAI) $ 1.00 0.04%
polkadot
Polkadot (DOT) $ 4.05 1.20%
leo-token
LEO Token (LEO) $ 6.06 1.03%
uniswap
Uniswap (UNI) $ 7.40 3.78%
sui
Sui (SUI) $ 1.88 3.36%
near
NEAR Protocol (NEAR) $ 4.65 4.93%
litecoin
Litecoin (LTC) $ 64.93 0.93%
aptos
Aptos (APT) $ 8.50 7.53%
bittensor
Bittensor (TAO) $ 576.65 2.17%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,514.46 2.12%
pepe
Pepe (PEPE) $ 0.000009 3.59%
internet-computer
Internet Computer (ICP) $ 7.92 0.59%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.35 5.46%
kaspa
Kaspa (KAS) $ 0.133632 2.69%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.02%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.368717 2.25%
monero
Monero (XMR) $ 149.14 1.07%
ethereum-classic
Ethereum Classic (ETC) $ 18.26 0.57%
stellar
Stellar (XLM) $ 0.090104 0.14%
blockstack
Stacks (STX) $ 1.66 3.84%
okb
OKB (OKB) $ 41.10 3.63%
ethena-usde
Ethena USDe (USDE) $ 0.998879 0.02%
dogwifcoin
dogwifhat (WIF) $ 2.33 6.04%
immutable-x
Immutable (IMX) $ 1.40 2.89%
aave
Aave (AAVE) $ 141.31 0.51%
filecoin
Filecoin (FIL) $ 3.52 2.74%
crypto-com-chain
Cronos (CRO) $ 0.075705 0.93%
render-token
Render (RENDER) $ 5.14 3.84%
optimism
Optimism (OP) $ 1.55 4.96%
mantle
Mantle (MNT) $ 0.588314 2.47%
hedera-hashgraph
Hedera (HBAR) $ 0.050513 3.17%