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Investors continue to gain confidence in Uptober as BTC/USD pair overcomes resistance levels in recent times. The most critical question for Bitcoin, which reached its highest levels in 2023, is whether the upward trend will continue. According to many analysts, one of the biggest obstacles for Bitcoin is the $32,000 resistance. So what are the most important factors for the continuation of the rise? Let’s examine together.
Critical Levels for RSI
The $32,000 resistance, which is one of the highest levels for Bitcoin in the last three months, is considered a difficult resistance to overcome by many analysts. Popular investor and analyst Daan Crypto Trades made the following comment to his followers:
“Bitcoin is moving towards the peak of the December 2023 range. It won’t be easy to surpass the $31,000 and $32,000 levels, but once it does, I will aim for the $38,000 level.”
Another popular analyst, Ali, drew attention to the Relative Strength Index (RSI) in a post he shared on X. The RSI, which was 77 on October 23rd, was the levels that Ali expected a sharp correction since March of this year. According to the analyst, any value above 70 is considered an “overbought” zone:
“If Bitcoin fails to close a daily candle above $31,560, an upcoming price correction seems imminent.”
Critical Levels for Fear Index
The Fear and Greed Index, which has been relatively stagnant for a long time, has started to move with recent developments. Over the weekend, the crypto sentiment indicator jumped into the greed zone and reached its highest value of 63/100 since July 12th.
With this increase, Bitcoin’s attempt to surpass the $30,000 level coincided and reinforced the importance of this price level in investors’ minds. Popular analyst Altcoin Sherpa described the $30,000 level as a frightening zone and made the following comments to his followers on X:
“While still seeing where the price will go, I still consider the next peak to be extremely important. In the medium term, we are about to see whether we will see $20,000 or $40,000. If we break $32,000 strongly, we will go to $40,000.”
