Bitcoin (BTC) Market Analysis: BTC Holding Up Well Despite Recent Dips, Key Resistance Levels To Watch

Cryptocurrency markets are down on Monday but holding on to crucial trend lines, fueling predictions for a reversal.

Crucial Trend Lines Fuel Crypto Predictions

After a weekend of relative calm, cryptocurrency markets opened lower on Monday, but the key trend lines, which have been a major focus recently, were holding up well.

This has fueled predictions for a potential reversal in the upcoming sessions.

Bitcoin was trading down 1.46% lower at $61,264.66 (at 7:05 AM ET) after rising to highs of $64,376.90. Ethereum slipped 0.83% to $3,906.91 (at 7:05 AM ET) after hitting a high of $40,240.90.

Among the top cryptocurrencies, Solana slipped 3.66%, while XRP lost 2.36%. Both Dogecoin and Shiba Inu were trading lower, down 1.86% and 1.03%, respectively.

Crucial Trend Lines Holding Up Well: Several traders have been closely watching Bitcoin’s recent price action, which has formed a descending broadening wedge pattern. This pattern is usually bullish and suggests an upcoming breakout.

However, some traders have noted that the recent chop in Bitcoin’s price action after hitting the $67,559 target for the first time could be setting up the next phase into the $100,000s.

Related Link: Jovon Marks Breaks Down Bitcoin's Path To $116,000 After Coming Off 'A Major Hidden Bull Divergence Pattern'

Among the top losers in the session were STEPN’s GMT, which slipped 11.03%, followed by NEAR, which lost 7.56%.

UNI slipped 5.16%, while Chainlink lost 4.03%. Both AAVE and COMP were trading lower, down 3.56% and 2.96%, respectively.

Top Gainers In Focus: In a recent post, Daan Crypto Trades noted that September has historically been the worst month for Bitcoin, although last year’s exception led to a seven-month green rally.

Bitcoin’s August returns are thus far in line with the past two years.

Meanwhile, Javon Marks predicts Bitcoin's path to lead to $116,000, as it comes off "a major Hidden Bull Divergence pattern."

He sees the first pushback above the $67,559 target taking a massive breakthrough for the next phase of this bull cycle.

However, he added that there are many factors in play including the U.S. elections in November.

Another crypto trader More Crypto Online sees holding $58,460 to reach the next key level of $59,729. He noted that "price action is not clearly impulsive, so we have to remain flexible."

$BTC: The price has broken above the first trend line and seems to have broken above the daily price range. However, price action is not clearly impulsive, so we have to remain flexible. To keep this micro structure alive for wave (c), wave (3) should reach $59,729+ next, while… pic.twitter.com/z2CqaOJKjx

What’s Next: The influence of Bitcoin as an institutional asset class will be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

Don't miss out on the chance to hear from top crypto executives, regulators, and institutional investors as they discuss the latest developments in the digital assets space.

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