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<p><a href="https://captainaltcoin.com/expert-warns-of-further-bitcoin-btc-price-dip-heres-why/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> continues to move toward the $68,000 mark, but technical analysis from crypto expert Emperor suggests that several resistance levels remain in play before this target can be reached. A tweet from EmperorBTC outlines key levels for traders to watch, including potential buy zones and resistance areas.</p>
<h2 class="wp-block-heading" id="strong-btc-retesting-key-technical-levels-strong"><strong>BTC Retesting Key Technical Levels</strong></h2>
<p>According to EmperorBTC, Bitcoin has recently lost two crucial support levels: the Monthly VWAP (Volume Weighted Average Price) and the H4 200 EMA (Exponential Moving Average). After breaking below these points, Bitcoin is now retesting them.&nbsp;</p>
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   <p lang="en" dir="ltr">Bitcoin Price Update<br><br>1. First test of retesting Monthly VWAP + H4 EMA after losing it on October 1st. Expect some resistance at least.<br><br>2. October Open is the first level of significance, a month that's usually bullish seeing an open dump and a reclaim up implies that we head… <a href="https://t.co/staioHMuJ2" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/staioHMuJ2</a></p>— Emperor <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f451.png" alt="👑" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@EmperorBTC) <a href="https://twitter.com/EmperorBTC/status/1842208510890872940?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 4, 2024</a>
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<p>The analyst sees these levels as areas of confluence resistance, meaning the initial test may face challenges. However, a successful break above could indicate a stronger bullish trend for BTC.</p>
<p>In addition to these levels, he considers the October open price an important point of reference. <a href="https://news.bitcoin.com/standard-chartered-sees-buying-opportunity-as-bitcoin-nears-60k-dip/" target="_blank" rel="noopener noreferrer nofollow">Despite the sharp drop</a> at the beginning of the month, known as an “open dump,” the price has reclaimed this level, which suggests a potential for further upward movement.</p>
<h2 class="wp-block-heading" id="strong-the-importance-of-63-000-resistance-strong"><strong>The Importance of $63,000 Resistance</strong></h2>
<p>EmperorBTC emphasizes the significance of the $63,000 resistance level. He views this as the first major barrier before Bitcoin can aim for higher prices. According to the chart analysis, a continuous surge could be facilitated once <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener noreferrer nofollow">Bitcoin’s price</a> crosses this level.</p>
<p>On the other hand, if the $63,000 opposition is strong, Bitcoin could find challenging to rise temporarily. He advises to monitor this level closely, as a rejection could lead to a temporary pullback.</p>
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<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/metrics-that-trigger-ripple-double-digit-spikes-reemerges-xrp-price-to-rally-if/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>Metrics that Trigger Ripple Double-Digit Spikes Reemerges: XRP Price to Rally If…</em></strong><br></a></p>
<h2 class="wp-block-heading" id="strong-buy-zones-around-57-500-strong"><strong>Buy Zones Around $57,500</strong></h2>
<p>In the event of a rejection at $63,000, EmperorBTC identifies $57,500 as a key support level where buyers may step in. This level, coinciding with a previous support from September, is also near a key Fibonacci retracement point, which makes it an attractive zone for short-term traders looking for a bounce.</p>
<p>The final hurdle before Bitcoin reaches $68,000 is the supply zone identified by EmperorBTC. This zone aligns with a Golden Fibonacci retracement level, adding further weight to its importance. A clear breakout above this resistance would open the door for BTC to test the $68,000 level and potentially move even higher.</p>
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<p>The post <a href="https://captainaltcoin.com/bitcoin-price-update-btc-is-ready-for-68000-and-above-but-heres-the-catch/" rel="noopener noreferrer nofollow">Bitcoin Price Update: BTC Is Ready for $68,000 and Above, But Here’s the Catch</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Bitcoin Price Update: BTC Is Ready for $68,000 and Above, But Here’s the Catch

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