Bitcoin has had a great October to date, climbing from its $60,400 lows to its current levels near $67,650.
Can the OG crypto count on “Uptober” to push BTC/USD consistently above a key technical resistance zone?
We’re taking a better take a look at the every day chart!
Bitcoin (BTC/USD) Every day Chart by TradingView
Bitcoin has been seeing gains in the previous few weeks, as expectations of an “Uptober,” a historical time when bitcoin experiences significant price increases, got mixed in with crypto-friendly Presidential candidate Trump improving his odds in closely watched polls and risk-takers cheering the prospect of further rate cuts from the Fed.
Expectations of easier policies from other major central banks have also helped improve risk sentiment and BTC demand within the markets.
Keep in mind that directional biases and volatility conditions in market price are typically driven by fundamentals. For those who haven’t yet done your homework on bitcoin and the U.S. dollar, then it’s time to ascertain out the economic calendar and stay updated on every day fundamental news!
But BTC/USD, which has come a great distance from its $60,400 Pivot Point levels, is now facing a key resistance area.
We’re talking concerning the $69,000 area, which lines up with the R1 ($69,025) Pivot Point and July resistance zone within the every day timeframe.
More importantly, $69K (nice) lines up with the highest of a descending channel resistance that hasn’t been broken since March this yr.
Will BTC/USD maintain its longer-term downtrend?
Bitcoin is poppin’ up hesitation candlesticks near its current levels but keep a watch out for bearish candlesticks and consistent trading below $68,000. This exposes BTC/USD to a possible dip back to the $64,000 inflection point, if not the $60,000 psychological level.
In fact, bitcoin HODLers may be taking a breather.
If BTC/USD sees one other bullish swing and sustained trading above $70,000, we could take a look at fresh record highs for BTC/USD.
Whichever bias you find yourself trading, don’t forget to practice proper risk management and stay aware of top-tier market catalysts when trading this one. Good luck!