Two Hurdles? Bitcoin Faces Resistance Ahead of $4,500
The price of bitcoin is edging up today, but it faces hurdles before it can rise to challenge its recently set all-time highs.
Oct 6, 2017 at 1:00 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/YDLGAP5DJVG2JEFPFCKLU7ZK6I.jpg)
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
Bitcoin bulls may soon be breathing a sigh of relief.
Having defended the 50-day moving average support, the price of bitcoin rose to a four-day high of $4,407 today. Week-over-week, the bitcoin-U.S. dollar (BTC/USD) exchange rate is now up 5.84 percent.
Brushing aside uncertainty surrounding a possible upcoming fork, bitcoin is looking northward ahead of the weekend and, should it cut through key technical hurdles ahead, it could be poised to push higher.
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/K7T3SPUDTZHK3AGXUPUIGHETUE.png)
The rebound from the 50-day moving average is encouraging, but the cryptocurrency still faces the following hurdles:
- $4,420 – Resistance offered by the trend line sloping upwards from the September 15 low and September 25 low.
- $4,470 – Monday's doji candle high.
View
An end-of-day close above $4,470 would signal failure of the bearish doji reversal and mark continuation of the higher highs and higher lows pattern. Thus, bitcoin could revisit $4,700, above which a major resistance is seen directly at $5,000 (record highs).
4-hour chart
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MUEQRU4AKZDRBLKCGSON2LIUK4.png)
Measurement tools image via Shutterstock
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)
Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.