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    Bitcoin must hold this 2021 level as traders see BTC price dip ‘over’

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    Bitcoin’s price has fluctuated recently, hitting a ten-day low and then climbing again. When stop-loss levels kicked in, Bitcoin prices briefly fell but quickly bounced back to over $67,000. These changes mean that key weekly trends have not been tested. Market experts predict the possibility of a retest of the high of Bitcoin in the next 2 to 4 weeks. Uncertainty may be added with the release of US job market data and upcoming decisions on US presidential elections and Federal Reserve interest rates. Crypto experts remain positive, expecting further market stabilization and potential re-visitation of all-time highs.

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    Bitcoin, aka BTC, has seen some massive changes recently. Here’s the rundown: The BTC price fluctuated a lot, hitting a ten-day low before picking up again. Trading expert Keith Alan caught these changes real-time on Oct. 24, pointing out some previously high price points from April 2021.

    The BTC price reached $65,000, which we hadn’t seen since Oct 10, making it a make-or-break level. This happened after rebounding from a record high of $69,000 since the summer. Luckily, the sellers didn’t stay dominant for long.

    When stop-loss levels kicked in, BTC prices dropped briefly after Wall Street opened on Oct 23, just like data from Cointelegraph Markets Pro and TradingView indicated. But good news, BTC bounced back, and its price jumped to more than $67,000 again.

    These changes have made the bulls avoid testing a key weekly trend — the 21-week simple moving average (SMA). For those of you who don’t know, this trend line is currently at $62,700 and needs to stay that way. If no significant changes occur, it implies that the short-term uptrend is steady.

    Also, the BTC low price was pretty close to the previous all-time high from April 2021 when it reached $64,950 on Bitstamp trading exchange. Let’s wait and see if BTC can keep up this momentum until the end of the week.

    The BTC world is looking pretty dynamic, and there’s a good chance we might see a BTC all-time high retest in the next 2 to 4 weeks, according to market experts. Keep in mind that we might see some market changes with the upcoming US Presidential Election and Federal Reserve interest rate decision in two weeks.

    Additionally, US job market data set to release on Oct 24 might add a bit of uncertainty to the mix. If the incoming Jobless Report shows a spike, it could tilt the BTC prices. But it’s not all doom and gloom. If the BTC price stays above $65,000, we’re still in the game.

    Most market participants are positive, saying that all the big drops have likely happened. CrypNuevo, a popular trader, thinks there will be a W bottom pattern forming, meaning the market might be stabilizing. With more support in, it looks like we’re pretty much set.

    Crypto expert Michaël van de Poppe goes a step further, predicting that BTC could revisit its all-time highs in the next month. With today’s macroeconomic season kicking off, there’s a chance we could see the all-time high (ATH) tested within the next 2 to 4 weeks.

    Just a heads-up, this isn’t investment advice or recommendations. Every investment move comes with risks, so always do your own research before making a decision.

    Source: Cointelegraph

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