- Bitcoin took a pullback from it’s all-time high.
- BTC has to secure new higher support levels.
- If BTC cracks the important resistance level then it may quickly surge up.
The start of October was a bullish run for the crypto industry as Bitcoin initiated with an uptrend slope. BTC has already hit its new all-time high but it has now taken a pull back from its resistance level. The price chart displays a strong support for BTC at $60,000 level which indicates a new surge in price level soon.
Significantly, if the price value drops below the support level then it might be an opportunity for buyers to purchase. As Bitcoin took a pullback, users expect that it may again rise and create a higher support level and heavy resistance level in next term. At the time of writing, the trading price of BTC is $60,989 which is 0.38% up in the last 24-hours.
Bitcoin Hinted Hitting $70k
Bitcoin was all the way to $70,000 when it hit close to $67,000 which was not so far from $70K. Besides, BTC quickly soared close to $67K securing a new support of $66,000 where it had to stay at that level. But it has crashed its strong support level at $62,000 and sloped below staying above its next support level.
Moreover, Bitcoin has to deal with the resistance level at $63,500 which it surpassed in April. The resistance level which BTC faces now is the hard part, if it cracks the important resistance level then it may secure a new resistance level. According to the statistics, the RSI has crossed the upper zone several times before reversals in previous BTC bull runs. During BTC’s late-July surge, for example, the RSI reached six new highs above 70 before reversing.
The task for Bitcoin would be securing new higher support-levels as it may not create any collapse in price values. This may provide a healthy view for investors when it secures new support levels as it continues to surge up.