Bitcoin with the rise over the weekend 
$63,272 Its price rose 4% to near $64,000 on Monday. Although this move creates a positive atmosphere in the cryptocurrency market, BTC has retreated by 1.4% in recent hours and is expected to lose its gains.
Technical Analysis and Resistance Levels
Bitcoin’s four-hour chart shows a retest of the daily resistance zone. This resistance zone extends between $63,987 and $65,044. Rejection of this level indicates that BTC could make a 1.4% correction and approach support levels such as $61,837 and $60,346.
Relative Strength Index (RSI) Status
The RSI indicator is hovering around 60 and has not yet reached the overbought zone. This suggests that investors can expect a short-term correction and BTC may return to the mentioned resistance zone. A correction that could occur on October 9 or 10 could cause Bitcoin price to drop to the $60,000 support level.
Rise Expectation from Analysts
In a post he made on the X platform the other day, analyst Jay predicted that Bitcoin could reach $77,700 with a 30% increase by the end of October. Jay stated that based on historical data, BTC will follow a strong uptrend after forming a bottom in early October.
“Bitcoin has gained significant value every year after bottoming in October,” Jay said.
Jay’s view aligns with October’s average return of 21%. However, it is also emphasized that investors should evaluate these predictions cautiously.
On the other hand, it is stated that uncertain geopolitical conditions, such as the war between Iran and Israel, can have significant impacts on the Bitcoin price and cause historical patterns to deteriorate.
If the Bitcoin price falls below $60,000, it is predicted to decline to the support levels of $57,970 and $57,201. This would mean a decline of 9.6% from current levels.
By carefully monitoring these fluctuations in the Bitcoin market, investors can review their strategies for short-term corrections and possible rises.
Mobility in the Bitcoin market is followed carefully in line with both technical analysis and analyst opinions. Investors should make informed decisions by evaluating market conditions.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
