Bitcoin (BTC) continues its upward momentum, with prices nearing $63,500, marking a 1.5% gain on the day, according to data from TradingView. This rise mirrors the previous weekend’s performance, showing similar bullish behavior.
After testing the $60,000 support throughout the week, Bitcoin made strong progress during the Oct. 11 Wall Street session. The cryptocurrency moved higher, seemingly unaffected by rising U.S. inflation concerns. Despite market adjustments to future interest rate expectations, Bitcoin stayed resilient, striving to catch up with U.S. equity markets.
Renowned crypto analyst Skew noted the inability of Bitcoin to break down, indicating potential for further upward movement.
“The initial low was swept, and with no breakdown, we’re naturally seeing a reversion,” Skew explained in a post analyzing 4-hour BTC/USD timeframes on X (formerly Twitter).
He highlighted the Relative Strength Index (RSI) above 50 and strong spot demand as signals supporting a bullish outlook.
Skew emphasized the importance of reclaiming key price levels for continued upward momentum: “The Monthly and Weekly open are critical pivot points, and buyers need to reclaim them for another shot at $65K.” The Monthly and Weekly open levels stand at $62,850 and $63,330, making the current price range a crucial battleground.
Material Indicators, a popular trading resource, also highlighted two additional upside targets for BTC just below $65,000. The platform’s proprietary FireCharts tool shows strong support stacking above $63,000, with bulls eyeing a potential breakout.
“If bulls can clear the 200-Day Moving Average, they will attempt to flip Technical Resistance at the 2021 Mid-Cycle Top around $64.9K,” the platform noted in a post on X.
In a final analysis, Skew predicted a short period of consolidation before Bitcoin resumes its upward trajectory next week.
“After sweeping liquidity beneath $59.5K, Bitcoin quickly ran up. We may see a few days of consolidation, but a breakout above $64K or $65K could lead to new all-time highs and trigger a significant altcoin rally.”
As Bitcoin nears crucial resistance levels, the next few days could be pivotal in determining its path toward a potential all-time high and broader market impact. Keep an eye on the $64K and $65K levels for a major breakout.
Fariha Karim