- Bitcoin is trending upward, but confirmation is needed to break the $61.6K resistance level.
- Crypto Rover suggests Bitcoin needs to stay above key support to reach $55K potentially.
- BTC’s price is influenced by the rising odds of pro-BTC candidate Trump in the U.S. election.
The price of Bitcoin is indicating signs of a possible bullish run. Analyst Michael van de Poppe, in an X post on Tuesday, pointed to Bitcoin’s positive direction while cautioning that the trend needs more affirmation. The analyst has stated that Bitcoin’s liquidity has been restored, and the next major level to the eye is $61.6K. If BTC breaks the important level of $60,000, the way to $65,000 is open.
It's pretty clear that #Bitcoin is trending upwards from here, but some more conviction and confirmation would be great.
— Michaël van de Poppe (@CryptoMichNL) October 8, 2024
Liquidity has been taken, and liquidity beneath $61.6K seems ready to be taken before continuing the upward momentum.
Crucial area to break: $65K. pic.twitter.com/WqqTO32MPF
Critical Resistance Levels
In a YouTube video on Tuesday, Crypto Rover pointed out that Bitcoin was met with heavy selling pressure at a critical resistance level at the start of the week. Bitcoin tried to push higher earlier but pulled back after testing a previous market high. Rover focused on the factor suggesting that the price should stay above a certain level to produce an upward trend.
Impact of U.S. Election
Also, the increasing chances of U.S. president-elect Donald Trump, a known pro-Bitcoin candidate, has affected the price of Bitcoin. The performance of the President of the United States of America in the polls affects the price of Bitcoin. In the past, Bitcoin has usually appreciated during election times, and according to analysts, the upcoming election may lead to further rallies.
Daan Crypto Trades also weighed in on Bitcoin, stating that the currency has sustained above the bull market support band for several weeks. However, to maintain the current trajectory, Bitcoin must experience a greater impulse from bulls to break through major resistance.
#Bitcoin Held on to the bull market support band for another week.
— Daan Crypto Trades (@DaanCrypto) October 8, 2024
It didn't manage 3 weekly closes above like this, since losing it back in May.
It's up to the bulls to finally take it higher from here now after all this consolidation up here.
Since the start of this week,… pic.twitter.com/533B7icomA
Bitcoin’s strength concerning the traditional markets has also been encouraging. While BTC’s consolidation remains ongoing, it also creates a certain degree of uncertainty. At the time of writing, BTC is at $62,409, which is 1.62% down in the last 24 hours.
Bitcoin Steady Above $63K as Major Cryptos and Altcoins GainOnce Bitcoin’s price reaches these levels, traders are advised to watch the market. An upward break through the resistance level may result in a big rally. However, failure to hold the key support level can lead to a bearish reversal. In the short term, the situation is delicate for Bitcoin, and the admired cryptocurrency could either experience a bullish or bearish trend based on the environment.
