Bitcoin Finds Support At $60,000: Good News From US, UAE Catalyst For $66,000?

Bitcoin is firm at press time, shaking off weaknesses and racing above the $60,000 support. At spot rates, the path of least resistance is northwards and will remain to be so in the short term as long as the support remains. Traders are closely monitoring the support at around the $56,500 and $60,000 zone. If there are gains this week, the probability of the coin flying to over $66,000 is highly likely. Buyers are resilient and successfully managed to arrest the wave of lower lows of last week.

Presently, traders are watching how prices pan out. Most importantly, for the September uptrend to take shape, there must be a strong rejection of all attempts to push the coin to fresh lows, confirming the losses of last week. For now, Bitcoin is steady, sliding 3% in the previous week amid a relatively low trading volume of around $19 billion in the past 24 hours.

Bitcoin Daily Chart for October 7

Traders are watching the following Bitcoin trending news events:

  • United States lawmakers are now pushing for a Bitcoin reserve plan. If it goes through, the goal will cement the country as a global crypto leader.
  • The UAE has removed VAT on Bitcoin transfers and any form of conversion. This directive will take effect on November 15 of this year, allowing holders who engage in these transactions not to pay any VAT to the FTA.  

Bitcoin Price Analysis

BTC/USD is firm when writing.

Looking at the daily chart, not only is the coin finding support, but engagement has also been decent.

Local support is at $60,000.

Traders who expect prices to edge higher can consider longing on dips above $60,000 with targets at September highs at $66,000.

In the meantime, a close above $64,000 or October 1, reversing the local bearish trend established by this bar, will set the ball rolling for a strong bounce.

Conversely, losses below $60,000 will dim hopes for optimistic Bitcoin buyers.

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ABOUT THE AUTHOR See More
Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
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