Over the weekend, Bitcoin’s price rose by 4%, approaching the $64,000 mark on Monday. While this movement created a positive atmosphere in the cryptocurrency market, BTC experienced a 1.4% pullback in recent hours, suggesting a potential loss of gains.
Technical Analysis and Resistance Levels
Bitcoin’s four-hour chart indicates a retest of the daily resistance area, which ranges from $63,987 to $65,044. A rejection at this level may result in a 1.4% correction, bringing BTC closer to support levels of $61,837 and $60,346.
Relative Strength Index (RSI) Status
The RSI indicator hovers around the 60 level and has not yet reached the overbought zone. This situation indicates that traders might expect a short-term correction, allowing BTC to potentially revert to the stated resistance area. A correction that might occur on October 9 or 10 could lead Bitcoin’s price to drop to the $60,000 support level.
Analysts Anticipate an Uptrend
Analyst Jay recently shared on X platform that Bitcoin 
$96,918 could reach $77,700 by the end of October, reflecting a 30% increase. Based on historical data, Jay emphasized that BTC typically follows a strong upward trend after forming a bottom at the beginning of October.
Jay stated, “Bitcoin has significantly gained value after hitting lows in October every year.”
Jay’s opinion aligns with October’s average return of 21%. However, it is also highlighted that investors should assess these forecasts cautiously.
Moreover, the uncertain geopolitical conditions, such as the conflict between Iran and Israel, could significantly impact Bitcoin’s price and disrupt historical patterns.
If Bitcoin’s price falls below $60,000, it is projected to decline further to support levels of $57,970 and $57,201, representing a potential drop of 9.6% from current levels.
Investors can carefully monitor these fluctuations in the Bitcoin market and reassess their strategies for both short-term corrections and possible increases.
