Bitcoin’s price action is currently sitting at $66,949.99, teasing traders with the potential for another massive run to the $70,000 mark! Taking a close look at the 4-hour chart from Binance, BTC has been trending within a rising channel, with the upper resistance level edging near the $68,000 mark. With momentum building, the market is anticipating if Bitcoin has enough fuel to break through to new highs in October. Let’s break it down!

$BTC /USDT Chart Analysis (4-Hour Timeframe) 📊

From the chart, we can see Bitcoin testing critical levels of support and resistance:

‱ Resistance at $68,000: BTC is approaching the upper boundary of the ascending channel. A break above this level could trigger a strong rally, with the next immediate target being the psychological $70,000 barrier.

‱ Support at $64,000: If Bitcoin fails to break through, the lower bound of the channel around $64,000 serves as a strong support level, which has held well through recent price tests.

CRITICAL LEVELS TO WATCH THIS WEEK ⚠

💡 Resistance:

‱ $68,000: This is the immediate level where Bitcoin could face resistance. If it’s broken, expect a rally toward $70K.

💡 Support:

‱ $64,000: This will be a critical support zone. If it holds, bulls might regain control and push for a new leg up.

💡 Target for October:

‱ $70,000: Bitcoin hitting this level is well within reach, as buyers may continue piling in if momentum breaks past resistance.

WHAT’S DRIVING THE PRICE ACTION? đŸ”„

Bitcoin has recently seen growing interest from institutional buyers and positive market sentiment, driven by macroeconomic trends and anticipation of regulatory clarity. On top of that, technical indicators are lining up to show that BTC has more gas in the tank for an upward move.

However, volume will be key. A breakout above $68,000 needs strong buying pressure to push BTC beyond $70,000. Traders should watch the volume indicator to gauge whether there’s enough momentum to sustain a rally or if this will be another short-term rejection.

BULLISH OUTLOOK: 🚀 EXPLOSIVE MOVE TO $70,000?

If Bitcoin breaks above $68,000 with strong volume, there’s a real chance BTC will hit $70,000 in October. A clean breakout above the channel could lead to a massive inflow of buyers, pushing the price higher.

BEARISH SCENARIO: ⚠ POTENTIAL REJECTION?

However, should BTC face rejection at $68,000, we could see a retracement back toward $64,000 or lower. Breaking below this support could trigger a steeper correction.

FINAL TAKE: EYE ON THE PRIZE 👀

Bitcoin traders should keep their eyes peeled on the $68,000 resistance. If BTC clears this level, we could be on track for a historic move to $70K. If not, there may be more consolidation in the short term. Stay sharp and get ready for whatever comes next!

Disclaimer: As always, do your own research and trade responsibly.#SECApprovesBitcoinETFOptions

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