What Do Crypto Analysts Think About Bitcoin’s Current Situation?

On October 1, Bitcoin surged back to $64,000, following a strong September where it gained 7.3%, marking its best monthly performance yet.

However, the cryptocurrency still struggles to reclaim the $65,000 mark despite multiple attempts.

Keith Allen, co-founder of Material Indicators, emphasized the critical need to maintain the 20-week simple moving average (SMA) to avoid a dip to lower support levels. He noted that if Bitcoin fails to gain momentum above the 2021 Mid-Cycle Top, holding the 21-week moving average will be crucial to prevent a retest of recent lows.

Less than 2 hours to go before Bitcoin’s Monthly/Quarterly close.

If BTC bulls can’t muster the momentum to push back above the 2021 Mid-Cycle Top. If they can’t do that, they at least need to hold onto the 21-Week MA. Failure to do so opens the door for a retest of the lows. pic.twitter.com/m6z1qWmDWJ

— Keith Alan (@KAProductions) September 30, 2024

In the trading community, Daan Crypto Trades pointed out significant liquidity zones at $62,700 for support and $67,000 for resistance. He highlighted that Bitcoin is currently testing the 200-day moving average, a level it has struggled to maintain throughout the year.

This indicator serves as a gauge for mid- and long-term market momentum.

#Bitcoin Testing the Daily 200 Moving Average after breaking above it yet another tiime.

So far this year it has struggled to hold on to that level.

Whether $BTC trades above or below is a good mid/high timeframe momentum and strength indicator. pic.twitter.com/95e41mAYZx

— Daan Crypto Trades (@DaanCrypto) September 30, 2024

Trader Roman identified a bullish divergence between Bitcoin’s price and the Relative Strength Index (RSI), suggesting a potential upward movement in the near future. Analysts like Scott Melker are eyeing opportunities to buy during price dips, especially after Bitcoin recently closed above $65,000 on a weekly basis.

#Bitcoin did follow the plan.

Took the liquidity above the recent highs, and is coming back down.

I think we’re in a new uptrend, which means that dips are for buying.

In that sense, if we get a retest at $60.5-61.3K, I’m interested before we test the ATH. pic.twitter.com/1mpFKNpWra

— Michaël van de Poppe (@CryptoMichNL) September 30, 2024

Michaël van de Poppe remains optimistic, anticipating a new all-time high and recommending purchases in the range of $60,500 to $61,000 before Bitcoin possibly retests its peak. He believes the market is in an uptrend, indicating that dips should be seen as buying opportunities.

Overall, despite recent challenges, market sentiment appears positive as Bitcoin approaches the fourth quarter with considerable momentum.