Bitcoin Technical Analysis Report | 09th October 2023


Bitcoin maintained its upward pressure, nearing the $28,000 mark as the week closed on October 8. Geopolitical uncertainty became a factor for traders during this period. The price of BTC exhibited resilience, avoiding significant downward volatility over the weekend. It recovered from a sudden test of the $27,000 level on October 6, primarily due to surprising employment data in the United States that contrasted with policy adjustments by the Federal Reserve. As the new week began, the $28,000 resistance level became the primary focus for market participants.

At the time of writing BTC was trading at $27,975.

Bitcoin Monday Daily Chart | 09th October 2023
Bitcoin (BTC) Chart

BITCOIN after testing the crucial support level of $25,00 (Horizontal Trendline & 50% Fibonacci Retracement Level) has witnessed a relief rally and the prices went up to $28,580. The asset broke the downsloping trendline, however, it failed to break the resistance of $28,500. Currently, BTC is consolidating from $28,250 to $27,000. Once it breaks and sustains above $28,500, it may go up to $32,500 and to witness a rally, BTC needs to break, close and maintain above the key resistance level of $32,500.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2.

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