Bitcoin’s all-time high target remains as the BTC price rises to $64,000

Bitcoin (BTC) corrected back to $64,000 on October 1, after BTC price set a new September record monthly close.

BTC price “Rektember” resists with 7% profit

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD has bounced back below the $63,000 mark after a brief trip.

Coming in at $63,300, the capped BTC price gained 7.3% to close in September, according to data from tracking resource CoinGlass – Bitcoin's ninth best month of the year.

Having failed to break through support at $65,000 last week, bulls are holding a key medium-term line in the form of the 21-week simple moving average (SMA).

Doing so was key to avoiding “opening the door to re-examination” of regional lows, according to Keith Allan, founder of marketing resource Material Indicators.

“Missing the 200-day MA is not a good sign, but holding the 20-week MA (for now) is. Losing both would be a sign of weakness,” he summarized in a previous post on X.

Prominent trader Diane Crypto Trades' order book equity changes, which overlap at $62,700 and $67,000, indicating support and resistance levels, respectively.

Agreeing with Alan, he continued to “retest the daily 200 moving average after breaking it again.”

“He has struggled to maintain that level so far this year. A $BTC trade is a good medium/high time frame and strength indicator whether it is above or below.

On the low timelines, his friend Roman was among the most confident that he would continue moving forward.

“Some nice bullish divs are forming on H4 right now,” he told X Followers, noting the sharp divergence between price and the Relative Strength Index (RSI) indicator.

As Cointelegraph reports, such conditions often precede BTC price performance.

“We're expecting some upward movement/chop that gives us an upward consolidation rather than a 1D distortion,” Roman's forecast.

Bitcoin buying plans at full speed

Others have suggested “buying the dip” as a suitable short-term strategy despite the recent decline above $65,000.

Related: New All-Time High in ‘Uptober?' 5 things to know in Bitcoin this week

“Bitcoin officially closes above $65,000 to record highs – weekly,” said trader, analyst and podcast host Scott Meeker, known as “Wolf of All Streets.”

“Now we need a dip to buy as it could form another high low. Altcoins look largely the same, with their key breakout resistance as support.”

Crypto trader, analyst and entrepreneur Michael Van de Pop, on the other hand, has doubled down on the upcoming new Bitcoin high.

Part of X's post, read before the monthly candle closes, “takes liquid above recent highs and returns to the bottom.”

“I think we're in a new uptrend, which means buying dips. Given that, if we get a retest at $60.5-61.3k, I'm interested before we test the ATH.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.