Bitcoin has had a good October so far, climbing from its $60,400 lows to its current levels near $67,650.
Can the OG crypto count on “Uptober” to push BTC/USD consistently above a key technical resistance zone?
We’re taking a closer look at the daily chart!
Bitcoin (BTC/USD) Daily Chart by TradingView
Bitcoin has been seeing gains in the last few weeks, as expectations of an “Uptober,” a historical time when bitcoin experiences significant price increases, got mixed in with crypto-friendly Presidential candidate Trump improving his odds in closely watched polls and risk-takers cheering the prospect of further rate cuts from the Fed.
Expectations of easier policies from other major central banks have also helped improve risk sentiment and BTC demand in the markets.
Remember that directional biases and volatility conditions in market price are typically driven by fundamentals. If you haven’t yet done your homework on bitcoin and the U.S. dollar, then it’s time to check out the economic calendar and stay updated on daily fundamental news!
But BTC/USD, which has come a long way from its $60,400 Pivot Point levels, is now facing a key resistance area.
We’re talking about the $69,000 area, which lines up with the R1 ($69,025) Pivot Point and July resistance zone in the daily time frame.
More importantly, $69K (nice) lines up with the top of a descending channel resistance that hasn’t been broken since March this year.
Will BTC/USD maintain its longer-term downtrend?
Bitcoin is poppin’ up hesitation candlesticks near its current levels but keep an eye out for bearish candlesticks and consistent trading below $68,000. This exposes BTC/USD to a potential dip back to the $64,000 inflection point, if not the $60,000 psychological level.
Of course, bitcoin HODLers may just be taking a breather.
If BTC/USD sees another bullish swing and sustained trading above $70,000, we could look at fresh record highs for BTC/USD.
Whichever bias you end up trading, don’t forget to practice proper risk management and stay aware of top-tier market catalysts when trading this one. Good luck!