Bullish Surge or Bearish Breakdown? The Key Zones to Watch for B
2024-10-01

The chart displays a critical support zone marked in Blue, ranging from $61,800 to $62,605.62. If the price of Bitcoin stays above this zone, it signals strength in the market, and we could see buyers stepping in, leading to a potential rally. In this case, the next target would be the descending Red trendline, which indicates the area of resistance where sellers might push the price back down. A breakout above this trendline could open the door for further bullish movement, possibly toward higher levels beyond $69,000 

On the other hand, if Bitcoin fails to maintain its price above the Blue support zone, the next level to watch is the minor support at $59,791.23. This could become the next line of defense for buyers, but if the selling pressure persists and the price falls through this level, the market could target the broader Green support zone between $57,061.68 and $57,738.70. This area has previously served as a strong support, meaning it could potentially halt the decline. However, if this zone also breaks, the market may face a deeper correction. 

According to our analysis, the price of Bitcoin will bounce back from the Blue support zone but if the price fails to hold the support zone Blue and drop from here the price might bounce from the Green support zone and not go further deeper.
