Bitcoin (BTC) Price Analysis: BTC/USD Is Steady, Trading Above $60,000

Bitcoin is firm when writing, soaking in the selling pressure of October 7 and 8. Even though buyers are still struggling for momentum and the downtrend remains, if the trend of last week leads, the uptrend set in motion in September is still valid.

Bitcoin price is firm at the time of writing, absorbing the selling pressure encountered on October 7 and 8. Buyers are yet to gain strong momentum and the downtrend is still intact, but if last week’s trend is anything to go by, then the uptrend established in September is still valid. In the shorter term, traders may want to wait for a clear trend definition, bearing in mind that any drop below the $58,000 to $60,000 support zone could trigger further losses. As this happens, there are fundamental factors to watch out for, including the involvement of new whales, considering what we have seen over the last few years.

Bitcoin price is up nearly 27% from the Q3 2024 lows, a fact that will give traders confidence. Sellers are pressing hard, but buyers have a chance as long as the coin trends above the $60,000 level. For now, traders will be watching how the coin has performed in the past day and week. It is flat in the past day, with engagement at over $27 billion, and it has been stable in the past week.

Here’s some trending Bitcoin news to keep an eye on:

Bitcoin Price Analysis

BTC/USD is bullish, trading above $60,000.

While the uptrend is on, there is a danger of the coin slipping lower, breaking beneath the support band of about $58,000 and $60,000.

On the other hand, for buyers to take charge, Bitcoin must clear all October 1 losses and break above $64,000.

Ideally, the breakout bar should be on rising trading volume, to confirm the gains of September.

In that case, BTC could easily float above $66,000 to over $70,000.

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