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Bitcoin (BTC) price prediction today: Will BTC test $66k next?

Published: Oct 14, 2024
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Bitcoin approaches $65k-$66k resistance while $63,400 offers support. Will BTC break higher or pull back? Let’s dive into today’s price prediction.

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Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.


  • Price has been pushed up by Spot buying, whilst Open Interest has decreased and Funding Rates are up (so Shorts closing out).
  • From a mechanics viewpoint, this is what you want to be seeing.
BTC mechanics: 1. BTCUSDT 4-hour chart showing funding rates, open interest, cumulative volume, and aggregated volume delta with market trends.

Technical analysis

  • We initially thought BTC might reject at the $63,400 level and pull back further. But, price has broken to the upside, great to see.
  • Price has also broken out above the descending wedge, which we expected, but thought we might see that price pull back first.
  • The $65k to $66k has previously acted as a resistance zone for price, so this is a key level for Bitcoin to overcome here.
  • To the downside, we'd expect the $63,400 level to act as a new local support for price.
  • The RSI has broken above the Moving Average and is now heading higher, but not yet close to being overbought.
2. Bitcoin daily chart showing price action, key support levels, trendlines, and RSI analysis for potential price movements
  • Next Support: $63,400
  • Next Resistance: $66,000
  • Direction: Neutral
  • Upside Target: $66,000
  • Downside Target: $63,400

Cryptonary's take

A really positive move here from Bitcoin, which is perhaps playing some catchup (to MicroStrategy, which has been ripping higher). Now it's possible that full risk-on attitude isn't ready to come back in, just weeks before what looks like a close US Presidential Election. However, chart-wise, BTC looks good, so we're positioned well.

In the short term, it's possible that BTC struggles here as we're at a horizontal resistance ($65k to $66k). Therefore, it's possible we will see a slight pullback to potentially $63,400 before we can test higher from there. Very hard to call in the immediate short-term here. A break above $66k would be seen as a huge sign of strength, and we would be at full risk of this.

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