Bitcoin continues to hold above $60.3k support, and has broken above the $61k price level discussed yesterday. I have $62,250 as the next key resistance target that Bitcoin needs to break. There is still the risk of $55k so I recommend paying attention to the updates. For now I would monitor $62.5k to see if Bitcoin can climb back above the yellow trendline.
Bitcoin has an important weekly candle close this Sunday. I would like to see the price close above $61.8k for some strong bullish sentiment. There has been a pattern where Bitcoin has been alternating between 2 weeks of downside and 2 weeks of upside dating back to July 1st. The pattern is still playing out, but Bitcoin is trying to avoid a sharp selloff like we have observed in the previous months. So far bulls are holding up the price above $60.3k, and we still have until Sunday Oct. 6 for the current 2 week candle to close. Bitcoin needs to avoid a steep drop over the weekend, and would need to close above $61.8k for me to feel “extremely bullish.” We are also likely to see two weeks of upside starting next week.
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