Bitcoin has had a challenging start to October, showing a weekly value decline of 5.41%. However, analysts expect that the situation might change.

Bitcoin's Value Decline

Over the past week, Bitcoin has lost 5.41% of its value, trading at $61980. This also corresponds to a daily decline of 0.34%.

Analyst Predictions

Crypto analyst Rekt Capital has suggested a potential rally if Bitcoin closes above the 21-week EMA. Despite the current downturn, the analyst believes the bullish trend might remain intact.

Supporting Indicators

Several other market indicators suggest a positive outlook for Bitcoin. The MVRV long/short difference has shifted from a downtrend to an uptrend since September 4th, indicating confidence among long-term holders. The fund flow ratio has been declining for the past six days, suggesting accumulation as investors are depositing fewer Bitcoins into exchanges. The positive funding rate indicates that investors are taking long positions, anticipating future price gains.

Bitcoin's market behavior suggests potential further gains. If positive sentiment holds, Bitcoin might attempt to reach the $62785 resistance level in the short term.