Over the weekend, Bitcoin’s price rose by 4%, nearing the $64,000 mark on Monday. However, BTC experienced a 1.4% pullback in recent hours, potentially indicating a loss of some gains.

Technical Analysis and Resistance Levels

Bitcoin’s four-hour chart indicates a retest of the daily resistance area, ranging from $63,987 to $65,044. A rejection at this level may result in a 1.4% correction, bringing BTC closer to support levels of $61,837 and $60,346.

Relative Strength Index (RSI) Status

The RSI indicator hovers around the 60 level and has not yet reached the overbought zone. This situation indicates that traders might expect a short-term correction, allowing BTC to potentially revert to the stated resistance area. A correction that might occur on October 9 or 10 could lead Bitcoin’s price to drop to the $60,000 support level.

Analysts Anticipate Future Trends

Analyst Jay recently shared on X platform that Bitcoin could reach $77,700 by the end of October, reflecting a 30% increase. Based on historical data, Jay emphasized that BTC typically follows a strong upward trend after forming a bottom at the beginning of October.

If Bitcoin’s price falls below $60,000, it is projected to decline further to support levels of $57,970 and $57,201, representing a potential drop of 9.6% from current levels. Investors can carefully monitor these fluctuations in the Bitcoin market and reassess their strategies for both short-term corrections and possible increases.