Can Bitcoin (BTC) Break Through the $65K Barrier Soon?

• Bitcoin price slipped down to $61.3K in the past 24 hours. 
• The fear and greed index stays at 41, likely to halt BTC’s expected bull run.

October is referred to as the “uptober” month, known for the upward momentum of the cryptocurrency market. Despite that, Bitcoin is suffering to regain its price. The largest cryptocurrency is currently trading above the $61K mark; a brief recovery has been made over the past 24 hours. 

On the other hand, the Ali chart notes that each time the MVRV ratio has been rejected from its 90-day average since May, Bitcoin has experienced a remarkable price drop. The latest rejection has led to a 10% decline in BTC price, inferring the possibility of further dips, which urges caution for investors. 

The current market volatility has kept the asset from making a notable upward movement. Over the past 24 hours, the asset has spiked by 1.19%. BTC traded at a peak of $61,630; also, its lowest price was marked at $59,878, suggesting the bearish trend. 

At press time, BTC traded at $61,390, with its trading volume down by 21.61% to $32.90 billion, as per CMC data. Consequently, BTC continues to stay in the fear zone as the Fear and Greed Index stays at 41. 

The Current Price Momentum of BTC

Bitcoin began trading in the $65.6K range when the week began. The asset lost over 6.25% and slipped to a low of $60,371. However, the bearish rally has been prolonged to date. BTC couldn’t break its downside pressure, continuing to trade within the $64K-61K range. 

While analyzing the four-hour technical chart, Bitcoin has failed to overcome the bearish trend. The short-term 9-day moving average is found below the long-term 21-day moving average. Moreover, the asset is nearing the neutral zone in the market, as the daily relative strength index (RSI) stands at 43.98. 

Bitcoin could approach its critical support level if the bulls fail to defend and may trigger the price to touch the $60K range. However, if the bearish sentiment shifts to bullish, BTC may reverse its trajectory. It will likely rally toward the nearby resistance at $62,177. 

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