Bitcoin above $60,000: What next for the uptrend? Analysis of October 9, 2024

After showing signs of recovery in September, Bitcoin is starting October down. Let’s analyze together the future prospects of the BTC price.

Bitcoin (BTC) price situation

After peaking at $65,000, Bitcoin once again dipped below $60,000 and then reached $52,500. It is from this price level that the cryptocurrency was able to regain buying interest, allowing it to erase this latest decline. Thus, Bitcoin recorded a 26% increase to mark a new high at $66,500. Unfortunately, reaching this level then caused selling pressure, weighing on the price of BTC. The cryptocurrency quickly fell below $60,000 before rebounding to this level.

Indeed, at the time of writing this text, the price of Bitcoin is trading around $62,300. Thus, it is located below its high value zone, identified around $63,200. Interestingly, Bitcoin saw buying interest up to a level near $64,500, before declining slightly. This shows existing buying interest, but losing strength. Thanks to its rebound, the price of Bitcoin regained strength and re-entered the 50-day moving average. However, the cryptocurrency’s medium-term trend continues to be challenged as Bitcoin moves below its 200-day moving average. Concerning the dynamics of BTC, we see that it underwent a subtle rebound before falling recently, as evidenced by its oscillators as well as its price.

The current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Today trainer at Family Tradinga community of thousands of own-account traders active since 2017. You will find Lives, educational content and mutual assistance around the financial markets in a professional and warm atmosphere.

Focus on derivatives (BTCUSDT)

The open interest of BTC perpetual contracts has been revised upwards, just like its underlying. This demonstrates that speculators are mainly interested in buying. In view of the current CVD, we can deduce that selling pressure largely predominated before stabilizing. As for liquidations, we notice that they are mainly buyers. This thus demonstrates a capitulation of buyers. Turning to funding rates, we can see that they are positive, signaling a majority of buyers on Bitcoin perpetual contracts.

The heat map of liquidations over the past three months indicates that BTC/USDT has crossed the liquidation zone located around $61,900. It appears that the cryptocurrency has attracted buying interest below this level, subsequently leading to bullish interest. Currently, the notable liquidation zones are on either side of the current Bitcoin price. We can note the zone around $65,000, and higher, that above $67,000, before then highlighting the $70,000 zone. Below the current price, we can note the zone below $60,000. Lower still, we can point out the $57,000, and lower still, we can point out the subtle zone of $54,500. If the market approaches these levels, we could see a massive triggering of orders, potentially increasing the volatility of the cryptocurrency. These areas therefore represent major points of interest for investors.

Bitcoin (BTC) price forecasts

• If the price of Bitcoin remains above $60,000, we could anticipate reaching $65,000. The next resistance to consider would then be around $66,500. If the upward movement continues, we could envisage an increase to $70,000, which would represent an increase close to 12.5%.

• On the other hand, if Bitcoin fails to stay above $60,000, we could envisage a return towards $57,800. The next support to watch, in case the bearish movement continues, would be around $54,500. Further down, we note support at $52,700, which would represent a drop of around 15%.

Conclusion

Bitcoin has seen high volatility lately, with significant rises followed by sharp declines. Despite a renewed buying interest which helped offset certain losses, the cryptocurrency continues to evolve in a zone of uncertainty, with a medium-term trend still fragile. Recent fluctuations suggest hesitant dynamics, influenced by selling pressures. Thus, it will therefore be essential to carefully monitor the price reaction at key levels to validate or revise current forecasts. It is also important to remain vigilant against potential “fake outs” and “market squeezes” in each scenario. Finally, let us remember that these analyzes are based solely on technical criteria and that the price of cryptocurrencies can also evolve quickly depending on other more fundamental factors.