{"id":647928,"date":"2024-10-15T09:30:08","date_gmt":"2024-10-15T09:30:08","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=647928"},"modified":"2024-10-14T19:22:26","modified_gmt":"2024-10-14T19:22:26","slug":"bitcoins-road-to-70000-analysts-set-next-targets-as-btc-retests-key-levels","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/bitcoin\/bitcoins-road-to-70000-analysts-set-next-targets-as-btc-retests-key-levels\/","title":{"rendered":"Bitcoin\u2019s Road To $70,000? Analysts Set Next Targets As BTC Retests Key Levels"},"content":{"rendered":"

Bitcoin (BTC), the largest cryptocurrency by market capitalization, started the third week of October with a 6% daily surge. BTC\u2019s performance has fueled bullish sentiment among crypto investors and market watchers, who suggest it might be ready to move to $70,000.<\/p>\n

Related Reading: Why Isn\u2019t XRP Price Moving? Crypto Pundit Claims The Answer<\/a><\/div>\n

Bitcoin Reclaims Key Support Levels<\/h2>\n

Bitcoin began the week reclaiming key resistance levels after a 6% surge from Sunday\u2019s price. This performance saw BTC move from the $62,000 support zone to retest<\/a> the $66,000 support area on Monday morning.<\/p>\n

Following the recent performance, Bitcoin\u2019s October returns so far have turned green with a 3.17% monthly return, according to Coinglass<\/a> data. Crypto analyst Rekt Capital highlighted Bitcoin\u2019s recent movements, noting that BTC has been able to reclaim a 2-month downtrend as support.<\/p>\n

Per the analyst, the flagship cryptocurrency has retested<\/a> a downtrend line dating back to late July since October started. BTC successfully retested and bounced from the trendline for two consecutive weeks, turning the range into support.<\/p>\n

Additionally, the analyst pointed out that Bitcoin has performed several successful retests, including a \u201cvolatile retest\u201d of the 21-week Bull Market Exponential Moving Average (EMA).<\/p>\n

\"Bitcoin\"
Bitcoin successfully retests various key levels. Source: Rekt Capital<\/figcaption><\/figure>\n

“Notice how the bottom of the green boxed area is confluent with the July Downtrend retest and the retest of the 21-week EMA is confluent with the top of the green box,” the analyst added.<\/p>\n

Similarly, Ali Martinez highlighted<\/a> that BTC is currently making another attempt to reclaim the 200-day Moving Average after four consecutive rejections in the past two months.<\/p>\n

BTC Challenges August Highs<\/h2>\n

Rekt Capital noted that BTC has solidified the $58,000-$61,000 range as a support area throughout the year: \u201cIt has done so at a Higher Low compared to last month’s downside wicking lows as well as August’s downside wicking lows.\u201d<\/p>\n

Moreover, the analyst stated that Bitcoin challenged<\/a>\u00a0August highs, at around $64,200, after the recent retests of the key levels. He suggested that BTC\u2019s recent movements are a \u201cclear sign\u201d that August\u2019s level is \u201cweakening as resistance.\u201d<\/p>\n

Rekt Capital pointed out BTC is retesting the multi-month weekly downtrend channel top, which is also weakening as resistance. The flagship cryptocurrency successfully tested the channel\u2019s range lows as support this month.<\/p>\n

The range lows have been 7-month confluent support with the previous all-time high (ATH) area. Nonetheless, the analyst noted<\/a> that BTC must have a weekly close above the downtrend channel\u2019s top to break out of this pattern.<\/p>\n

A weekly close above August highs, followed by a successful retest of this level, would \u201cpose a significant buy-side pressure on the Downtrending Channel Top,\u201d which could be accelerated if BTC\u2019s daily close sits above $64,200.<\/p>\n

Related Reading: WIF Bulls Charge Toward $2.89 As Key Resistance Test Looms<\/a><\/div>\n

Moreover, a daily close above $65,000 and a successful reclaim<\/a> of the range as a support zone could send BTC\u2019s price toward the $70,000 resistance zone. The analyst noted that whenever Bitcoin closed the day above this level, the cryptocurrency moved within the $65,000-$71,350 range in the following days.<\/p>\n

As of this writing, BTC is trading at $65,812, a 4% and 10.3% surge in the weekly and monthly timeframes.<\/p>\n

\"Bitcoin,
Bitcoin’s performance in the three-day chart. Source: BTCUSDT on TradingView<\/a><\/figcaption><\/figure>\n
Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC), the largest cryptocurrency by market capitalization, started the third week of October with a 6% daily surge. BTC\u2019s performance has fueled bullish sentiment among crypto investors and market watchers, who suggest it might be ready to move to $70,000. Related Reading: Why Isn\u2019t XRP Price Moving? Crypto Pundit Claims The Answer Bitcoin Reclaims Key Support Levels Bitcoin began the week reclaiming key resistance levels after a 6% surge from Sunday\u2019s price. This performance saw BTC move from the $62,000 support zone to retest the $66,000 support area on Monday morning. Following the recent performance, Bitcoin\u2019s October returns so far have turned green with a 3.17% monthly return, according to Coinglass data. Crypto analyst Rekt Capital highlighted Bitcoin\u2019s recent movements, noting that BTC has been able to reclaim a 2-month downtrend as support. Per the analyst, the flagship cryptocurrency has retested a downtrend line dating back to late July since October started. BTC successfully retested and bounced from the trendline for two consecutive weeks, turning the range into support. Additionally, the analyst pointed out that Bitcoin has performed several successful retests, including a \u201cvolatile retest\u201d of the 21-week Bull Market Exponential Moving Average (EMA). “Notice how the bottom of the green boxed area is confluent with the July Downtrend retest and the retest of the 21-week EMA is confluent with the top of the green box,” the analyst added. Similarly, Ali Martinez highlighted that BTC is currently making another attempt to reclaim the 200-day Moving Average after four consecutive rejections in the past two months. BTC Challenges August Highs Rekt Capital noted that BTC has solidified the $58,000-$61,000 range as a support area throughout the year: \u201cIt has done so at a Higher Low compared to last month’s downside wicking lows as well as August’s downside wicking lows.\u201d Moreover, the analyst stated that Bitcoin challenged\u00a0August highs, at around $64,200, after the recent retests of the key levels. He suggested that BTC\u2019s recent movements are a \u201cclear sign\u201d that August\u2019s level is \u201cweakening as resistance.\u201d Rekt Capital pointed out BTC is retesting the multi-month weekly downtrend channel top, which is also weakening as resistance. The flagship cryptocurrency successfully tested the channel\u2019s range lows as support this month. The range lows have been 7-month confluent support with the previous all-time high (ATH) area. Nonetheless, the analyst noted that BTC must have a weekly close above the downtrend channel\u2019s top to break out of this pattern. A weekly close above August highs, followed by a successful retest of this level, would \u201cpose a significant buy-side pressure on the Downtrending Channel Top,\u201d which could be accelerated if BTC\u2019s daily close sits above $64,200. Related Reading: WIF Bulls Charge Toward $2.89 As Key Resistance Test Looms Moreover, a daily close above $65,000 and a successful reclaim of the range as a support zone could send BTC\u2019s price toward the $70,000 resistance zone. The analyst noted that whenever Bitcoin closed the day above this level, the cryptocurrency moved within the $65,000-$71,350 range in the following days. As of this writing, BTC is trading at $65,812, a 4% and 10.3% surge in the weekly and monthly timeframes. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":604954,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,441,11680,679,1119,78790,12660,26263,10923,51092,89756,87108],"class_list":["post-647928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-bullish","tag-bitcoin-price","tag-btc","tag-btcusdt","tag-bullish-sentiment","tag-crypto-analyst","tag-crypto-market","tag-crypto-sentiment","tag-crypto-trader","tag-uptober"],"acf":[],"yoast_head":"\nBitcoin To $70,000? 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.\",\"url\":\"https:\/\/www.ktsl888.com\/author\/rubmargarcia\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin To $70,000? 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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