Bitcoin (BTC), the largest cryptocurrency by market capitalization, started the third week of October with a 6% daily surge. BTC\u2019s performance has fueled bullish sentiment among crypto investors and market watchers, who suggest it might be ready to move to $70,000.<\/p>\n
Bitcoin began the week reclaiming key resistance levels after a 6% surge from Sunday\u2019s price. This performance saw BTC move from the $62,000 support zone to retest<\/a> the $66,000 support area on Monday morning.<\/p>\n Following the recent performance, Bitcoin\u2019s October returns so far have turned green with a 3.17% monthly return, according to Coinglass<\/a> data. Crypto analyst Rekt Capital highlighted Bitcoin\u2019s recent movements, noting that BTC has been able to reclaim a 2-month downtrend as support.<\/p>\n Per the analyst, the flagship cryptocurrency has retested<\/a> a downtrend line dating back to late July since October started. BTC successfully retested and bounced from the trendline for two consecutive weeks, turning the range into support.<\/p>\n Additionally, the analyst pointed out that Bitcoin has performed several successful retests, including a \u201cvolatile retest\u201d of the 21-week Bull Market Exponential Moving Average (EMA).<\/p>\n \u201cNotice how the bottom of the green boxed area is confluent with the July Downtrend retest and the retest of the 21-week EMA is confluent with the top of the green box,\u201d the analyst added.<\/p>\n Similarly, Ali Martinez highlighted<\/a> that BTC is currently making another attempt to reclaim the 200-day Moving Average after four consecutive rejections in the past two months.<\/p>\n Rekt Capital noted that BTC has solidified the $58,000-$61,000 range as a support area throughout the year: \u201cIt has done so at a Higher Low compared to last month\u2019s downside wicking lows as well as August\u2019s downside wicking lows.\u201d<\/p>\n Moreover, the analyst stated that Bitcoin challenged<\/a>\u00a0August highs, at around $64,200, after the recent retests of the key levels. He suggested that BTC\u2019s recent movements are a \u201cclear sign\u201d that August\u2019s level is \u201cweakening as resistance.\u201d<\/p>\n Rekt Capital pointed out BTC is retesting the multi-month weekly downtrend channel top, which is also weakening as resistance. The flagship cryptocurrency successfully tested the channel\u2019s range lows as support this month.<\/p>\n The range lows have been 7-month confluent support with the previous all-time high (ATH) area. Nonetheless, the analyst noted<\/a> that BTC must have a weekly close above the downtrend channel\u2019s top to break out of this pattern.<\/p>\n A weekly close above August highs, followed by a successful retest of this level, would \u201cpose a significant buy-side pressure on the Downtrending Channel Top,\u201d which could be accelerated if BTC\u2019s daily close sits above $64,200.<\/p>\nBTC Challenges August Highs<\/h2>\n