Bitcoin has retargeted $64,000 on October 1 after closing September with a record monthly performance. BTC rebounded to $63,778 following a brief dip below $63,000, marking a 7.3% gain for the month, according to CoinGlass. This represents Bitcoin’s best-ever performance for the month of September, often referred to as “Rektember” due to historical price declines.
Strong Mid-Term Support Holds BTC Steady
While Bitcoin failed to hold $65,000 as support, traders remain optimistic. Key support from the 21-week simple moving average (SMA) has helped sustain the mid-term bullish trend. Keith Alan, co-founder of Material Indicators, stressed that holding the 20-week SMA is crucial to avoid a further retracement. Losing both the 20-week SMA and the 200-day moving average would signal weakness, according to Alan.
BTC/USD 1-hour chart. Source: TradingView
Other analysts, such as Daan Crypto Trades, highlighted support and resistance levels at $62,700 and $67,000, respectively, based on liquidity patterns in the order book. Roman, another popular trader, pointed out the formation of bullish divergences, suggesting further price gains in the near term.
Buy-the-Dip Strategy Gains Traction
Traders like Scott Melker, known as “The Wolf of All Streets,” have encouraged a “buy the dip” strategy as Bitcoin made a higher high above $65,000 on the weekly chart. Michaël van de Poppe also expressed confidence in Bitcoin’s upward trajectory, predicting a retest at $60.5K-$61.3K before reaching a new all-time high. He believes Bitcoin is now in a new uptrend, making any dips potential buying opportunities.
BTC/USD monthly returns (screenshot). Source: CoinGlass
As Bitcoin continues to challenge its previous highs, analysts and traders alike remain focused on breaking the $65,000 barrier and pushing toward a new all-time high.
