Will Bitcoin rise again on 10/14? Analysis of Monday's trend

#NEIROETH vs NEIROCTO: 你看好谁？ #十月过半，牛还会来吗

Today let's delve into the recent fluctuations in the Bitcoin market. After touching the key support level of 59000, Bitcoin has shown astonishing resilience and subsequently launched a fierce offensive, now successfully rising to the high of 64400. The advancement of this market has almost not experienced significant pullbacks, and the continuous upward trend inevitably prompts one to consider whether this kind of upward pattern is truly stable.

Looking back at yesterday, Sunday, Bitcoin saw a slight pullback from the intraday high around 63400, but quickly stabilized around the 62000 area. Although the adjustment was small, it perfectly reflected the healthy state of the market and laid a solid foundation for subsequent strong rebounds. This morning, as the bell rang for the weekly closing, Bitcoin demonstrated its strong weekly performance with a high position above 63800.

It is worth noting that Bitcoin successfully broke through the important psychological barrier of 63,400 at noon today and entered a subtle triangle consolidation area. The brief consolidation in this area did not hinder its progress, but instead became a springboard for a new round of gains. Subsequently, Bitcoin once again exerted force and soared more than 1,000 points.

From a technical perspective, Bitcoin is currently facing strong pressure from the upper 2-day line of the large triangle area, which is near 65300, a key point for the conversion of market long and short forces. If Bitcoin can successfully stand above 65300, the possibility of a breakthrough to the north and the opening of a new round of upward trend will significantly increase. Therefore, we need to closely monitor the dynamic changes in the suppression of this triangular area.
#BTC #ETH #比特币
In terms of trading strategy, given the current market situation, it is recommended for investors to adopt a mainly short position strategy, especially for Bitcoin (BTC). It is suggested to consider placing short positions around 64600-65100, with the target range being 63500 to 62500. As for other encryption assets such as Ethereum, it may be advisable to temporarily observe the market in the short term and make decisions after further clarity on market trends.