{"id":613,"date":"2024-10-15T10:00:16","date_gmt":"2024-10-15T10:00:16","guid":{"rendered":"https:\/\/coinsvalue.net\/blog\/bitcoins-road-to-70000-analysts-set-next-targets-as-btc-retests-key-levels\/"},"modified":"2024-10-15T10:00:16","modified_gmt":"2024-10-15T10:00:16","slug":"bitcoins-road-to-70000-analysts-set-next-targets-as-btc-retests-key-levels","status":"publish","type":"post","link":"https:\/\/coinsvalue.net\/blog\/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

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 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\"<\/p>\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\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

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.<\/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,<\/p>\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. Bitcoin Reclaims Key Support Levels Bitcoin began the week reclaiming key resistance levels after…<\/p>\n","protected":false},"author":1,"featured_media":614,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[119],"tags":[56,181,377,69,61,62,378,42,85,379,281,380],"class_list":["post-613","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"],"_links":{"self":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/comments?post=613"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/613\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media\/614"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}