Bitcoin Price Struggles Near $63,000 as Traders Eye October Bottom
Bitcoin's price has been hovering around $63,000 this week, sparking debate among traders about whether it will bottom out in October. The cryptocurrency's price action has been range-bound since August, unable to break higher or lower.
The daily chart shows a falling wedge pattern, with Bollinger Bands tightening, indicating a potential bigger move is building underneath the surface. Resistance sits at $65,000 to $66,000, while support levels are at $60,000 to $62,300 and deeper at $57,000 to $55,000.
Some traders are watching Bitcoin's four-year cycle rhythm, which has shown roughly 1,065-day bull runs followed by about 365-day bear stretches. If this pattern plays out again, the current bear phase could technically wrap up before the end of October.