Bitcoin experienced a notable upswing on the first day of October, catching the attention of market analysts. As the cryptocurrency demonstrates fresh momentum, experts are closely scrutinizing key price levels to predict its immediate and medium-term trajectory, focusing on potential breakouts and consolidation phases.
Short-Term Trajectory: Breaking Resistance
Bitcoin (BTC) registered a 2.59% increase over the past day, signaling a potential breakout from current levels. On the hourly chart, BTC is actively challenging the local resistance at $116,795. A successful close above this mark could propel the price towards the $117,500-$118,000 range in the very near future. Furthermore, if Bitcoin sustains its position around or above the $117,898 mark on longer timeframes, the accumulated buying energy might be sufficient to push it towards the significant $120,000 area.
Midterm Outlook: Neutrality and Accumulation
Despite the short-term gains, the midterm perspective for Bitcoin currently remains neutral. The cryptocurrency is situated within a defined trading channel, bounded by a support level of $107,281 and a resistance of $123,218. With neither bulls nor bears firmly seizing the initiative, analysts anticipate an accumulation phase, where prices are likely to consolidate within the $114,000-$120,000 range. Bitcoin is currently trading at $117,171 at press time.
