Bitcoin spent the first week of October below $65,000, attempting to overcome resistance barriers. Let's explore the current position and prospects.

Resistance for Bitcoin

At the final stage of the 'Cup & Handle' pattern formation, Bitcoin experienced a growth of over 2%, reaching the zone of $64,000. This zone proved difficult to overcome, and the lack of liquidity caused Bitcoin to retreat to around $61,176. Currently, resistance at $62,500–$62,800 is not allowing it to move further.

A Ray of Hope

Amidst the chaos, a ray of hope appears for Bitcoin: a 'double bottom' pattern is forming on the four-hour chart. If its formation completes successfully, the price could breach $65,000. The Fibonacci support level is at $61,400.

What to Expect?

For a successful double bottom formation, Bitcoin needs to reach the $60,000 level again. This explains why major investors are waiting for a price drop to buy.

The situation in the Bitcoin market remains tense. Traders and investors will determine the cryptocurrency's direction in the upcoming days.