比特币在接近 70,000 美元水平时遇到重大阻力，但一个积极的指标是市场多头正在坚守阵地。持续上扬的 20 日 EMA 位于 65,010 美元，The weekend rise in the price of bitcoin may lead to a new round of increases in the cryptocurrency market.
Bitcoin's weekly increase is about 9%, indicating a strong buying interest from the market bulls. Despite facing strong resistance around $69,000, the bulls continue to hold positions, indicating their bullish outlook on the future market trend. QCP Capital stated in their Telegram channel that the rise in the US stock market and the sustained facade of the Japanese yen may increase risk sentiment before the US presidential election, which could drive up risk assets and support our Uptober narrative.
In addition, the approval of the listing of Bitcoin ETF options by the US SEC is another significant bullish development for the market. Analysts believe that the introduction of these options will greatly enhance the liquidity of the Bitcoin market.
Bitcoin Price Outlook
Bitcoin faces significant resistance near the $70,000 level, but a positive indicator is that the market bulls are holding their ground. The rising 20-day EMA is at $65,010.Relative Strength Index（RSIApproaching overbought territory, indicating that the market bulls still have a certain advantage. If bitcoin buyers can push its price above $70,000, then the next target for bitcoin may be $72,000, but still facing resistance from bitcoin bears defending the $70,000 to $73,777 zone.
In order for bitcoin bears to regain control, they need to quickly lower the price to below $66,500, and then break below the 20-day moving average. If successful, the BTC/USDT currency pair may fall to the 50-day Simple Moving Average (SMA) at $61,749.Simple Moving AverageThe RSI on the 4-hour chart shows a bearish divergence, indicating that the bullish momentum may be weakening. If the bitcoin price trend breaks through and closes below the 20-day moving average, it indicates that short-term traders are taking profits, potentially leading the currency pair to fall to the 50-day moving average. Conversely, if the bitcoin price rises and breaks through $69,000, it will indicate that market sentiment remains optimistic, with bulls buying on dips. Subsequently, the currency pair may rise to $70,000, and even potentially rise above $72,000.
Disclaimer: FameEX makes no guarantee regarding the accuracy and applicability of official statements from exchanges in this field or any related financial advice.
