Bitcoin Dips Below $63K: What Does Technical Analysis Say?

In his latest “Monday Markets” podcast, technical analyst CryptoCred offers insights into the current cryptocurrency market, focusing on Bitcoin’s (CRYPTO: BTC) key levels and potential trading strategies for altcoins.

What Happened: CryptoCred identifies $64,200 as a crucial resistance level for Bitcoin on the weekly timeframe, noting that it represents the highest close before a recent pullback. He suggests that a breakthrough above this level could signal strength, while a rejection might lead to a deeper pullback towards $58,000-$58,700.

On Oct. 7, Bitcoin prices briefly peaked at $64,198 before dropping to $62,420 at the time of writing.

For short to medium-term trading, CryptoCred outlines a range between $64,200 as …

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