Analyst Predicts Gains as Bitcoin Nears Key Resistance Level

Bitcoin is trading right at the verge of a major resistance level based on the current price analysis as it moves up. At the time of writing, Bitcoin was hovering around $63,951.46, representing a 24-hour increase of over 1.5%. Market is keenly waiting for an upside break over this resistance level which in turn can result in higher price moves.

#Bitcoin

So far so good. Closing in on the first resistance level.

Break here and it could have some nice room to run. https://t.co/pyvktMaKTE pic.twitter.com/waOlbetu9B

— Nebraskangooner (@Nebraskangooner) October 14, 2024

According to Nebraskangooner, a cryptocurrency analyst, Bitcoin is “closing in on the first resistance level” and could experience more upward movement if it breaks through this point. The resistance zone at $63,800 has been a key level of sell pressure in recent trading sessions. A breakout above this level could open the door for a more significant rally.

From the recent price movement, there is clear confirmation that the BTC has been going up gradually after rebounding from the $60k zone in early October. The indicator of moving averages also depicts a bullish trend with Bitcoin trading above the 50-MA. This indicates short-term strength in the market. But it is still slightly below the 100-DMA, which serves as a resistance around the current price. The community is keenly watching to see if the coin can overcome this barrier.

Furthermore, the Bitcoin price is creating the ascending triangle on the chart, which is usually recognized as a bullish pattern. The price is approaching the upper trendline of this triangle that is around $64,800 that also works as resistance now. A breakout from this pattern could push Bitcoin toward its next resistance level of around $67,000.

The Relative Strength Index (RSI) currently sits at 57.42 and so the market is considered to be neutral. This implies that the price can still run further to the upside before Bitcoin turns relatively overbought.
Support for Bitcoin remains strong at $60,727, where the 100-day moving average provides a solid base.

For as long as this support holds then bulls could lift prices even higher. Still, if the price cannot move above $64,800, BTC can either range or pull back in the short term. This is a very important level to traders and analysts alike. A breakout above will signal an extension of the current up trend.