The continuous recovery in Bitcoin’s price has restored bullish hope and sentiments are now turning positive daily in the market. While the price reached a critical level, it may retrace a little before resuming bullish.
Bitcoin’s performance has been awe-inspiring in the past month as the price continued to break higher on a daily scale. The buying slowed down a bit this month due to a small drawdown from the $66,500 high.
It found support above $59,000 and resumed buying at full speed. This led to a break-up and the price contracted until it reached $69,519 today.
That price contraction resulted from multiple rejections, suggesting an exhaustion in buying. And as we can see, the price is currently down after a slight break above a seven-month descending channel.
A daily close below the previous candle may bring a small retracement. Though the bulls’s eyes are still on $70k before taking a little break.
Inside the descending channel, the $66,000 – $65,000 zone is a key area to watch for a possible retracement, which will most likely followed by a bounce back. A brief consolidation above this channel could lead to an accumulation phase for a bigger price movement.
Whichever way, Bitcoin’s daily outlook is still very bullish as it rallies 30% in a month. We should expect more growth amid rising demand.
BTC’s Key Levels To Watch
The immediate resistance for Bitcoin’s bulls right now is the $70,080 level. If they surpass it, their next target would be the $72,000 and $73,777 levels printed in June and March this year.
Now that the price is down today, Bitcoin may retest the recently broken $66,500 high as support. Another support to consider for a retest is $63,600, followed by $61,321. Below it lies the monthly $59,000 low.
Key Resistance Levels: $70,000, $72,000, $73,777
Key Support Levels: $66,500, $63,600, $61,321
- Spot Price: $68,365
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/bitcoin-price-analysis-prediction-october-22-bitcoin-sees-rejection-after-rallying-7-in-a-week-can-it-break-70k/