Log in

Market Direction

BTC surges, cautious of pullback

Published: Oct 1, 2024
0
Share:

BTC reclaimed $63.4K support after breaking the downtrend. With resistance at $68.9K, a potential pullback could be imminent.

Post Feature Image

  • BTC's Open Interest is relatively unchanged over the last few days whilst Funding Rates have remained positive but at normal/healthy levels.
  • BTC's price increase from $63K to $66 K was mostly driven by Spot buyers.
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.


BTC mechanics breakdown:

1. BTCUSDT on Binance shows positive funding and increasing aggregated spot volume, suggesting potential bullish momentum ahead.

Technical analysis

  • Following a breakout from the downtrend line (red line), the price was able to reclaim above the horizontal resistance of $63,400 while maintaining the local uptrend.
  • If the price were to pull back from here, we would look to the horizontal level of $63,400 as new support.
  • If $63,400 is lost, we would expect the $61k area to support price.
  • To the upside, the major horizontal resistance is at $68,900. We don't expect this to be overcome in the immediate term.
  • The RSI is approaching overbought conditions, currently at 66, so this might suggest that a higher resistance (ie, $68,900) may likely act as too strong of a resistance in the short-term, if price is even able to retest that level in the immediate term.
2. Bitcoin price is testing resistance near $68,920 with RSI near overbought, signaling a potential upward breakout.

Cryptonary's take

In the immediate term, we're slightly cautious about BTC. It's possible that BTC can continue its move higher and retest $68,900, but we're not confident that it can get beyond that in the immediate term. Price is up 24% in 3 weeks, so it's possible we can see a slight pullback either now or at some point very soon. However, beyond the immediate term, we're very bullish.

Therefore, we're looking to remain in Spot positions even though we think it's possible that we will see a slight pullback in the very near term. But, this isn't enough to entice us to sell; we'd prefer to just ride through any short-term volatility - assuming we're correct and we do actually see a slight pullback in the immediate term.

100% Success Money Back Guarantee

If our approach doesn’t outperform the overall crypto market during your subscription, we’ll give you a full refund of your membership. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.

Terms & Conditions apply

Star

Trusted by 300,000+ traders

Take your next step towards crypto success

Save 50%

$799/year

Get everything you need to actively manage your portfolio and stay ahead. Ideal for investors seeking regular guidance and access to tools that help make informed decisions.

VisaCardImageMsCardImageCoinbaseCardImageSolanaCardImage

For your security, all orders are processed on a secured server.

What’s included in Pro:

  • Success Guarantee, if we don’t outperform the market, you get 100% back, no questions asked

  • 24/7 access to experts with 50+ years’ experience

  • All of our top token picks for 2025

  • Our latest memecoins pick with 50X potential

  • On hand technical analysis on any token of your choice

  • Weekly livestreams & ask us anything with the team

  • Daily insights on Macro, Mechanics, and On-chain

  • Curated list of top upcoming airdrops (free money)

Our track record speaks for itself

With over 2.4M tokens and widespread misinformation in crypto, we cut
through the noise and consistently find winning assets.

/images/advertorial/corpcomm3.webp
/images/advertorial/corpcomm4.webp
/images/advertorial/corpcomm5.webp

Frequently Asked Questions

Yes. We've consistently identified winners across multiple cycles. Bitcoin under $1,000, Ethereum under $70, Solana under $10, WIF from $0.003 to $5, PopCat from $0.004 to $2, SPX blasting past $1.70, and our latest pick has already 200X'd since June 2025. Everything is timestamped and public record.

No. When we founded Cryptonary in 2017 the market was new to everyone. We intentionally created content that was easy to understand and actionable. That foundational principle is the crux of Cryptonary. Taking complex ideas and opportunities and presenting them in a way a 10 year old could understand.

Signal vs noise. We filter out 99.9% of garbage projects, provide data backed analysis, and have a proven track record of finding winners. Not to mention since Cryptonary's inception in 2017 we have never taken investment, sponsorship or partnership. Compare this to pretty much everyone else, no track record, and a long list of partnerships that cloud judgements.

We share highly sensitive, time-critical research. Once it's out, it can't be "returned." That's why membership is annual only. Crypto success takes time and commitment. If someone is not willing to invest 12 months into their future, there is no place for them at Cryptonary.

Yes. You will have 24/7 to the team that bought you BTC at $1,000, ETH at $70, and SOL at $10. Through our community chats, live Q&As, and member only channels, you can ask questions and interact directly with the team. Our team has over 50 years of combined experience which you can tap into every single day.

Daily. We provide real-time updates, weekly reports, emergency alerts, and live Q&As when the markets move fast. In crypto, the market moves fast, in Cryptonary, we move faster.

If our approach to the market doesn’t beat the overall crypto market during your subscription, we’ll give you a full refund of your membership fee. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.

Recommended from Cryptonary
BTC, ETH, and More: Double Bottoms and a Critical Bounce
PRO
Market Direction
BTC, ETH, and More: Double Bottoms ...Markets rebound off key lows, BTC and major alts flash double bottom signals. Will support hold for ...
6 min read
Oct 20, 2025
BTC, ETH, and More: Bearish Pressure as Key Support Levels Break
PRO
Market Direction
BTC, ETH, and More: Bearish Pressur...Markets face critical retests with BTC and major alts breaking supports; all eyes on bounce zones an...
7 min read
Oct 17, 2025
BTC, ETH and More: Key Supports Reclaimed, Next Targets in Play
PRO
Market Direction
BTC, ETH and More: Key Supports Rec...Markets are showing signs of recovery after last week’s turbulence. Bitcoin and Ethereum are stabili...
4 min read
Oct 15, 2025