BTCUSD October 4, 2024 #btcusd #btc #bitcoin #bitcoinanalysis

Bitcoin Daily Analysis - October 4th, 2024

On September 29th, Bitcoin broke down from the upward channel pattern, signaling the start of a bearish wave. Currently, we see a major resistance level at 66,176. Should Bitcoin return to a bullish condition, this level could act as a potential take-profit zone.

However, there is a minor resistance at 62,736, which may limit any bullish movement. If Bitcoin fails to break through this smaller resistance, the bearish trend could continue towards the Fibonacci .618 support at 58,000, which is derived from the previous swing low and swing high within the broken channel.

I will update this analysis as new key levels emerge.
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Stay informed and trade wisely.

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