FxNews—Bitcoin‘s bearish wave, which began at $66,700, eased near the $62,770 support, backed by the 100-period simple moving average. Subsequently, the digital gold bounced from the 100-SMA today, testing the $64,280 resistance.
The 4-hour chart below demonstrates the price, support, resistance levels, and technical indicators utilized in today’s analysis.
Bitcoin Technical Analysis – 1-October-2024
The Awesome oscillator divergence signal anticipated the recent dip in Bitcoin value. Currently, the AO’s histogram is below the signal line, and the recent bar turned green, meaning the bull market is strengthening.
The BTC/USD primary trend should be considered bullish because the price is still above the 100-period simple moving average.
Overall, the technical indicators suggest the main trend is bullish and should resume.
Bitcoin Forecast – 1-October-2024
The immediate resistance aligns with the September 23 high at $64,280. If the buyers push the price above this mark, the Bitcoin bull market resumes. If this scenario unfolds, the bounce from $64,770 will likely aim for retesting the $66,700.
Furthermore, if Bitcoin’s value exceeds $66,700, the next bullish target could be the $70,000 psychological level, which coincides with the July 29 high.
Please note that the bull market should be invalidated if the BTC/USD rate falls below the $62,770 resistance or the 100-period SMA.
Bitcoin Bearish Scenario – 1-October-2024
If bears (sellers) pull the price below $62,770 and stabilize it below the 100-SMA, the downtrend can target the September 17 high at $61,190.
If the selling pressure drives the price below $61,190, the decline could extend to the next resistance level, $57,765, the September 16 low.
Bitcoin Support and Resistance Levels – 1-October-2024
Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
- Support: $62,770 / $61,190 / $59,500
- Resistance: $64,280 / $66,700 / $70,000