Bitcoin, the king of crypto, is back in the game! After a bit of a slump, it’s showing signs of life and analysts are buzzing about a potential climb to $70,000.
Bitcoin Reclaims Key Levels
Bitcoin kicked off the third week of October with a bang, surging by 6%. This strong performance has got crypto investors and analysts excited, as it signals a possible shift in momentum.
Bitcoin started the week by breaking through some key resistance levels, moving from the $62,000 support zone to retest the $66,000 area. This upward trend has even turned Bitcoin’s October performance green, with a 3.17% monthly gain.
Crypto analyst Rekt Capital pointed out that Bitcoin has successfully reclaimed a two-month downtrend as support. It’s been retesting a downtrend line dating back to late July, bouncing back from it for two consecutive weeks. This has turned the range into a support zone.
Bitcoin has also successfully retested the 21-week Bull Market Exponential Moving Average (EMA), which is a significant indicator for analysts.
Challenging August Highs
Rekt Capital also noted that Bitcoin has solidified the $58,000-$61,000 range as a support area throughout the year. This is a positive sign, as it shows that Bitcoin is holding its ground.
Following the recent retests, Bitcoin has even challenged August’s highs, which were around $64,200. This is a strong indication that the resistance at this level is weakening.
Road to $70,000?
Rekt Capital believes that a weekly close above the downtrend channel’s top would be a major breakout for Bitcoin. This could be accelerated if Bitcoin closes the day above $64,200.
A daily close above $65,000, along with a successful reclaim of the range as a support zone, could send Bitcoin’s price towards the $70,000 resistance zone.
Historically, whenever Bitcoin closed the day above this level, it moved within the $65,000-$71,350 range in the following days.
With Bitcoin currently trading at $65,812, it’s definitely a time to watch closely and see if it can maintain this upward momentum and reach those $70,000 heights.
