Japanese budget hotel operator turned investment firm, Metaplanet, purchased $6.7 million worth of Bitcoin. This brings their total Bitcoin reserves to 639.50 BTC.

In a statement released on Oct. 7, Metaplanet announced that it has bought an additional ¥1 billion worth of Bitcoin(BTC) or equal to 108.786 BTC. This is the second time this month that the firm has purchased ¥1 billion worth of Bitcoin for their cryptocurrency reserves.

After their recent BTC purchase, the Tokyo-based firm now holds 639.50 BTC in their reserves, valued at approximately $40.54 million at current market prices.

According to data from Google Finance, the investment firm’s stocks went up over 10% shortly after they announced the Bitcoin purchase.

Bitcoin price started a fresh increase above the $62,000 zone. BTC is gaining pace and might aim for more gains above the $63,500 zone.

• Bitcoin is eyeing a fresh increase above the $63,500 zone.
• The price is trading above $63,250 and the 100 hourly Simple moving average.
• There is a connecting bullish trend line forming with support at $62,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue to rise if it clears the $64,200 resistance zone.

Bitcoin Price Regains Traction

Bitcoin price formed a support base above the $60,000 zone. BTC started a fresh increase above the $61,200 and $62,000 resistance levels. The bulls even pumped the price above the $63,000 resistance.

It traded as high as $63,949 and the price is now consolidating gains. It seems like the price is showing signs of a fresh rally above $63,500. BTC is above the 23.6% Fib retracement level of the upward move from the $62,324 swing low to the $63,949 high.

Bitcoin price is now trading above $63,250 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $62,900 on the hourly chart of the BTC/USD pair.

On the upside, the price could face resistance near the $64,000 level. The first key resistance is near the $64,200 level. A clear move above the $64,200 resistance might send the price higher. The next key resistance could be $65,000.

A close above the $65,000 resistance might initiate more gains. In the stated case, the price could rise and test the $65,500 resistance level. Any more gains might send the price toward the $66,500 resistance level.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $64,000 resistance zone, it could start another decline. Immediate support on the downside is near the $63,500 level.

The first major support is near the $63,000 level or the 50% Fib retracement level of the upward move from the $62,324 swing low to the $63,949 high or the trend line. The next support is now near the $62,500 zone. Any more losses might send the price toward the $61,800 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $63,500, followed by $63,000.

Major Resistance Levels – $64,000, and $64,200.

A closely followed crypto strategist believes it is within the realm of possibility for Bitcoin (BTC) to witness an abrupt rally to $68,000.

Pseudonymous analyst Credible Crypto tells his 423,300 followers on the social media platform X that a relief rally is in sight for Bitcoin and the altcoin market.

But the trader warns that the rally will likely be short-lived and that Bitcoin will soon resume its bearish price action.

“As I’ve said I think some relief here shortly across the board would be ideal.

A couple of variations of low-time frame price action I can see playing out in the coming days.

Grand scheme of things: no change to my belief that this is just part of a larger correction to the downside.”

Based on the analyst’s chart, he appears to predict that Bitcoin could rise to as high as $68,000 before plunging to fresh lows below $48,000.

At time of writing, Bitcoin is trading for $61,919.

Looking at Ethereum (ETH), Credible says the top altcoin’s order book supports his call for a marketwide bounce. According to the analyst, spot investors are stacking buy orders, preventing the price of ETH from going lower, at least for now.

“Spot bid depth on ETH is especially juicy.

Increases the odds of some relief across the board soon in my opinion.” 

At time of writing, Ethereum is worth $2,409.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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