Bitcoin

Bull Market

Resistance

Rekt

<p><a href="https://captainaltcoin.com/bitcoin-price-update-btc-is-ready-for-68000-and-above-but-heres-the-catch/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin (BTC) is showing promising signs</a> of regaining momentum after retesting crucial support levels, according to an analysis from <a href="https://newsletter.rektcapital.co/bitcoin-price-discovery-waves/" target="_blank" rel="noopener noreferrer nofollow">Rekt Capital’s newsletter</a>. The leading crypto has been navigating a downtrending channel for weeks but now appears poised for a potential breakout, provided it clears key price barriers.</p>
<p>Following a recent pullback, Bitcoin successfully retested the downtrend that had been broken weeks earlier. This move confirms the downtrend as new support, which sets the stage for further bullish momentum.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">New edition of the RC Newsletter is out! <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Bitcoin Price Discovery Waves<br><br>What could we expect when <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> rallies into Price Discovery?<br><br>Sign up here:<a href="https://t.co/tgCdxh6zp3" target="_blank" rel="noopener noreferrer nofollow">https://t.co/tgCdxh6zp3</a><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a></p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1843346497506603491?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 7, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>In addition, BTC has reclaimed the 21-week Bull Market EMA, a key indicator of market sentiment, as support. However, to capitalize on this momentum, Bitcoin needs to retest and hold the August highs, around $64,200, as support.&nbsp;</p>
<p>Last week, <a href="https://www.investing.com/news/cryptocurrency-news/bitcoin-price-today-falls-to-62k-as-rate-jitters-persist-3652330" target="_blank" rel="noopener noreferrer nofollow">BTC fell short of this crucial test</a>, failing to reclaim the level before facing resistance. This week will be pivotal in determining whether BTC can break through this level and challenge the downtrending channel top.</p>
<h3 class="wp-block-heading" id="strong-key-resistance-at-64-200-strong"><strong>Key Resistance at $64,200</strong></h3>
<p>One of the critical hurdles for Bitcoin remains the August highs at $64,200. Currently, BTC is experiencing initial resistance at this level. According to Rekt Capital, Bitcoin needs a daily close above $64,200 to trigger another push toward breaking the downtrending channel.</p>
<p>If Bitcoin can achieve this close, it will avoid forming a cluster of price action below the resistance, which could lead to a rejection similar to the one witnessed in late August. The next few days will be crucial in determining whether BTC can break free from its current pattern.</p>
<div class="wp-block-rehub-colortitlebox rh-colortitlebox" style="text-align:left;border-radius:5px;box-shadow:0 10px 10px #00000007;background-color:#fafafa;color:">
 <div class="rh-colortitle-inbox" style="background-color:var(--rehub-main-color);color:#fbfbfb;border-radius:5px 5px 0 0"><i class="rhicon rhi-bolt-regular rh-colortitlebox-icon" style="color:"></i>
  <div class="rh-colortitle-inbox-label">
   Celebrate Dogecoin and Make Big Gains with Doge2014!
  </div>
 </div>
 <div class="rh-colortitlebox-text">
  <style scoped>.rh-toggler-open{height:auto !important}
.rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important}
.rh-toggler-open .rh-tgl-hide{display:block !important}
.rh-tgl-show, .rh-tgl-hide{cursor:pointer}
.rh-contenttoggler *{box-sizing: border-box !important}
.rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;}
.rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}</style>
  <div class="wp-block-rehub-contenttoggler rh-contenttoggler" data-height="100px">
   <div class="rh-toggler-wrapper" style="height:100px">
    <p><strong><a href="https://doge2014.io" target="_blank" rel="noopener noreferrer nofollow">Doge2014</a></strong> raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on <strong><a href="https://doge2014.io/en/airdrop" target="_blank" rel="noopener noreferrer nofollow">exclusive airdrop</a></strong>!</p> <span class="rh-tgl-trigger" style="text-align:center;position:absolute;z-index:2;bottom:0;left:0;width:100%;color:"><span class="rh-tgl-show" style="display:block">Show more +</span><span class="rh-tgl-hide" style="display:none">Show less –</span></span><span class="rh-tgl-grad" style="background-image:linear-gradient(to bottom,rgba(255,255,255,0) 0,#ffffff 100%);display:block;position:absolute;height:100px;bottom:0;left:0;z-index:1;width:100%"></span>
   </div>
  </div>
 </div>
</div>
<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/sui-price-pumps-but-will-vcs-dump-on-you-analyst-weighs-in/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>SUI Price Pumps, But Will VCs Dump On You? Analyst Weighs In</em></strong><br></a></p>
<h3 class="wp-block-heading" id="strong-weekly-reaccumulation-range-retested-strong"><strong>Weekly Reaccumulation Range Retested</strong></h3>
<p>On the weekly chart, <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price has successfully</a> retested the reaccumulation range low of $60,600. This level, which was broken weeks ago, has now been confirmed as new support, allowing Bitcoin to stabilize within this range.&nbsp;</p>
<p>Three weeks ago, BTC moved above the range low, ending a period of downward deviation, which was seen as a bargain-buying opportunity. With a solid base established at this support, Bitcoin is positioned for an upward move within the reaccumulation range.&nbsp;</p>
<p>However, the immediate focus remains on reclaiming $64,200 and then targeting the range high near $71,300. For Bitcoin to continue its ascent, it must first overcome the downtrending channel top.&nbsp;</p>
<p>A breakout above this resistance would open the path for BTC to target higher levels, including the reaccumulation range high at $71,300.</p>
<p><em><strong>Follow us on&nbsp;<a href="https://x.com/CaptainAltcoin_" target="_blank" rel="noopener noreferrer nofollow">X (Twitter)</a>,&nbsp;<a href="https://coinmarketcap.com/community/profile/CaptainAltcoin/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap&nbsp;</a>and&nbsp;<a href="https://www.binance.com/en/square/profile/captainaltcoin" target="_blank" rel="noopener noreferrer nofollow">Binance Square</a>&nbsp;for more daily crypto updates.<br>Get all our future calls by joining our&nbsp;<a href="https://t.me/captainaltcoincom" target="_blank" rel="noopener noreferrer nofollow">FREE Telegram group.</a></strong></em></p>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <span>We recommend eToro</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20"><strong>Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. <a href="https://www.etoro.com/customer-service/terms-conditions/trading-restriction/" target="_blank" rel="noopener noreferrer nofollow">Take 2 mins to learn more</a></strong>
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eToro Now </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy the trades of leading traders, for free. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a href="https://captainaltcoin.com/is-bitcoin-showing-discovery-waves-heres-what-to-expect-from-btc-price/" rel="noopener noreferrer nofollow">Is Bitcoin Showing Discovery Waves? Here’s What To Expect From BTC Price</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Is Bitcoin Showing Discovery Waves? Here’s What To Expect From BTC Price

Table of Contents

CaptainAltcoin

Other articles published on Oct 8, 2024

Crypto Losses in 2024 Soar to $2.11 Billion, Surpassing 2023’s Annual Total: Report

Weekly Article Recap: 9/16-9/20

RedStone brings oracles for Bitcoin staking to expand use cases in defi

AAVE, Uniswap, and MATIC: Key Drivers of Ethereum’s Success

Weekly Article Recap: 9/30-10/04

Justin Sun saves the day after Ty Dolla $ign accidentally burns $500k worth of SUNDOG

Join our free newsletter for daily crypto updates!