Bitcoin Price Pulls Back from All-Time High

On 3 October, we noted that Bitcoin was entering a favourable phase. The market promptly confirmed bullish expectations, as by 6 October BTC/USD rose above $126,000 for the first time.

However, as of 9 October, the price sits around $121,000. This may be due to:

→ a stronger dollar and other fundamental factors;

→ a price correction after a 15% surge over ten days.

Could the bullish trend continue?

BTC/USD Technical Analysis

Analysis suggests that although the price surpassed the previous high of around $124,000, a bearish “Head and Shoulders” pattern has formed on the BTC/USD chart, signalling weakening demand. Buyers may have been reluctant to pay at the all-time peak, while sellers may have sought to lock in profits.

We observed a series of bearish confirmations:

→ the median of the short-term ascending channel was broken to the downside on a wide candle;

→ the previous high acted as resistance (point 3);

→ today the price fell below the lower boundary of the blue channel.

If this is a normal correction following the A→H impulse, there are grounds to consider entering long positions and focusing on levels where the pullback might end, for example:

→ $121,000, where bulls had previously shown strength (as indicated by arrows 1 and 2);

→ the psychological level of $120,000, reinforced by the 0.382 Fibonacci retracement of the initial impulse;

→ the median (or lower boundary) of a parallel channel drawn below (shown in orange).

If Bitcoin falls into the $115–116k range — where bulls showed exceptional strength at the start of their run to the all-time high — this would seriously call into question whether the market is still bullish. In that case, 2025 might alter the historical pattern that makes October one of the strongest months for cryptocurrency growth.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service (additional fees may apply). Open your trading account now or learn more about crypto CFD trading with FXOpen.

*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.