Last week Bitcoin held above the psychological level of $60,000. It is currently trading 4% below its all-time high of $64,990. Ethereum lags: the difference between the current price and the peak of $4,383 is 15%.
What to expect: a rally or a correction? We analyse the price levels of Bitcoin and Ethereum on the cryptocurrency exchange Bybit.
BTCUSD
On October 6, Bitcoin breached the resistance level of $59,700. After a successful retest, the price BTCUSD held above $60,000 and posted a local high at $63,100.
To continue the bull run, the price needs to overcome the last resistance — the all-time high of $64,990. A bounce from this level could bring a retest of support at $59,700.
ETHUSD
Last week the price ETHUSD approached a local high — $4,030.
Nevertheless, Ethereum settled above $3,680. If Bitcoin’s upside momentum persists, Ethereum could reach the $4,030 resistance as early as this week.
Conclusions
In October, bulls are dominant — Bitcoin’s price has risen about 30% since the start of the month. To push through the ATH of $64,990, it only needs one strong surge.
If it bounces off this price, Bitcoin could retest support at $59,700.
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