Bitcoin all-time high target remains as BTC price bounces back to $64K

Bitcoin ( BTC ) retargeted $64,000 on Oct. 1 after the BTC price monthly close set a new September record.

BTC/USD 1-hour chart. Source: TradingView

BTC price defies “Rektember” with 7% gains

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD rebounding after a brief trip below the $63,000 mark.

Coming in at $63,300, the September monthly close sealed BTC price gains of 7.3%, per data from monitoring resource CoinGlass — Bitcoin’s best-ever ninth month of the year.

BTC/USD monthly returns (screenshot). Source: CoinGlass

While failing to flip $65,000 to support after hitting it last week, bulls nonetheless retained a key mid-term trend line in the form of the 21-week simple moving average (SMA).

According to Keith Alan, co-founder of trading resource Material Indicators, doing so was key to avoid “opening the door to a retest” of the range lows.

Source: Keith Alan

“Losing the 200-Day MA is not a good sign, but holding the 20-Week MA (for now) is. Losing them both would be a sign of weakness,” he summarized previously in a post on X.

Popular trader Daan Crypto Trades eyed changing order book liquidity , this stacking at $62,700 and $67,000, marking support and resistance levels, respectively.

“Testing the Daily 200 Moving Average after breaking above it yet another tiime,” he continued , agreeing with Alan.

“So far this year it has struggled to hold on to that level. Whether $BTC trades above or below is a good mid/high timeframe momentum and strength indicator.”

BTC/USD 1-day chart. Source: Daan Crypto Trades/X

On lower timeframes, fellow trader Roman was among those confident of upside continuation next.

“Some nice bull divs now forming on H4,” he told X followers, referring to a bullish divergence between price and the relative strength index (RSI) indicator.

As Cointelegraph reported , such scenarios often precede bullish BTC price performance.

“Expecting some upward movement /chop which will hopefully give us upwards consolidation instead of our 1D deviation,” Roman forecast.

Bitcoin dip-buying plans in full swing

Others suggested “buying the dip” as a suitable short-term strategy, despite progress so far fading beyond $65,000.

Related: New all-time high in 'Uptober?' 5 Things to know in Bitcoin this week

“Bitcoin officially made a higher high by closing above $65,000 - on the weekly as well,” trader, analyst and podcast host Scott Melker, known as “The Wolf of All Streets,” noted .

“Now we look for dips to buy as it potentially establishes another higher low. Altcoins largely look the same, backtesting their own key breakout resistances as support.”

BTC/USD 1-day chart. Source: Scott Melker/X

Crypto trader, analyst and entrepreneur Michaël van de Poppe meanwhile doubled down on his plan for a new Bitcoin all-time high to come.

“Took the liquidity above the recent highs, and is coming back down,” part of an X post read before the monthly candle completed.

“I think we're in a new uptrend, which means that dips are for buying. In that sense, if we get a retest at $60.5-61.3K, I'm interested before we test the ATH.”

BTC/USDT 6-hour chart with RSI, volume data. Source: Michaël van de Poppe/X

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.