Bitcoin must again show resilience around recurring resistance at $61,000

Insights Bitcoin

Bitcoin faces renewed pressure amid volatile price swings, battling repeated price levels.

Over the past week, Bitcoin’s price has exhibited a pattern of sharp upward moves followed by strong pullbacks, particularly in the higher white channels (above $63,000) and the red channels (below $60,000).

The highest volatility occurred between Oct. 6 and 7, when the price rapidly rose to $64,700 before experiencing a significant selloff, triggering a sustained decline into the red channel and $196 million in liquidations. The market has since recovered slightly but continues to face resistance around $61,000.

Bitcoin price Oct. 3 – Oct. 11 (TradingView)

As CryptoSlate identified earlier in the year, Bitcoin has traded between several key areas notably, $71,500 to $68,000 (yellow), $66,900 to $61,800 (white), $60,400 to $56,600 (red), and $55,700 to $49,700 (blue).

Bitcoin 2024 trading channels (TradingView)

Bitcoin managed to break out of the red channel on Oct. 3 but has reentered the zone after just over a week in the higher area.