Bitcoin’s Six-Month Candle Range Stays Bullish Above $58,115, Eyes $97,924

Bitcoin remains above its six-month range floor at $58,115 after rebounding from an intraperiod dip. At press time, $BTC traded near $80,024, while price analysis identifies the $97,924 range high as a potential upper boundary target if buyers sustain support and reclaim key resistance levels.

Six-Month Candle Reclaims $58,115 With $97,924 as Range High

According to TradingView’s Binance chart, Bitcoin fell from its six-month candle opening price of $58,625 to $57,800, briefly slipping below the $58,115 support level. However, buyers pushed $BTC back above that boundary, with the price eventually climbing to $87,396 high.

That recovery keeps the wider range intact, although price analysis cannot establish permanent support before the candle closes. Its midpoint near $78,020 divides the structure into upper and lower halves.

As of press time, Bitcoin stood above that midpoint around $80,024, indicating a recovery within the range rather than a breakout. For $BTC, price analysis now distinguishes holding the midpoint from clearing the substantially higher $97,924 ceiling.

Weekly Breaker at $82,000–$83,000 Tests Bitcoin’s Recovery

On the weekly chart, Bitcoin remained inside a $78,000–$83,000 breaker zone following October’s retreat from approximately $87,000. $BTC therefore faces immediate resistance around $82,000–$83,000, where the chart previously marked a break of structure.

This price analysis places the next resistance band at $87,000–$90,000 before the six-month high. Nevertheless, Bitcoin has not reclaimed those levels, making $97,924 a conditional upside objective.

Meanwhile, a rejection near the breaker would shift attention toward $75,000, followed by the change-of-character area around $67,000. For $BTC, price analysis therefore separates a defended range floor from a confirmed weekly bullish trend.

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Bitcoin Holds Above $80K Support as ETF Outflows and Fed Meeting Loom

That distinction matters alongside Coinbase Institutional’s October 23 commentary, which identified $80,000–$82,000 as near-term support and $73,000–$75,000 as a lower-risk area. The firm also noted that about 2.1 million $BTC last moved between $87,500 and $91,700, leaving overhead supply.

ETF flows add another layer of uncertainty. Farside Investors reported $137.9 million in US spot Bitcoin ETF outflows on October 23, continuing the previous day’s $635.6 million in outflows.

With the Federal Reserve meeting scheduled for October 27–28, traders also face another potential source of volatility. Bitcoin remains above its $58,115 six-month floor, but the recovery toward $97,924 would gain stronger technical support only if $BTC reclaims weekly resistance.

$BTC’s Key Market Indicators

Bullish Continuation

Weekly acceptance above $83,000, followed by $87,000–$90,000, strengthens the recovery toward $97,924.

Bearish Breakdown

Yet, a loss of $78,020 exposes $75,000 and $67,000, while a decisive break below $58,115 invalidates the range-floor thesis.

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