The weekend rally caused Bitcoin price to shoot up by 4% and set up a local top just shy of $64K on Monday. While this move seemed like a bullish development and has caused crypto markets to, it isn’t. In the past eight hours, BTC has retraced 1.4% and will likely undo the gains. This article explores Bitcoin price prediction and what to expect next.
Bitcoin Price Analysis: What’s next for BTC?
The four-hour Bitcoin (BTC) chart shows a clear retest of the daily resistance zone, extending from $63,987 to $65,044. The rejection of this level has led to a 1.4% correction that could extend all the way toward the next stable support levels of $61,837 and $60,346.
The Relative Strength Index (RSI) hovers around 60 but has not yet touched the overbought levels yet. So, investors can expect a short-term correction that pushes BTC into the aforementioned resistance zone, allowing RSI to also pierce the overbought territory. A correction on October 9 or 10 could see Bitcoin price crash towar
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