Bitcoin Price Spikes Above $64,000 - Will Uptober Bring a Bull Run?
Bitcoin’s price surged over the weekend, reaching above $64,000, with analysts predicting that Uptober could lead to a bull run that may see BTC trading above $70,000. The recent price run has marked a nearly 10% surge since the U.S. CPI report published on October 10th, 2024.
Current Bitcoin Status
According to on-chain data from CoinGecko, Bitcoin’s price as of now stands at $64,424, showing a 2.5% increase in the last 24 hours. The Bitcoin Fear and Greed Index indicates a neutral sentiment among investors, sitting at 48.
Market analysts foresee Bitcoin breaking through the $65,000 resistance level in the coming week. On-chain data suggests that the bullish momentum from last week is likely to continue.
Skew, a trading analyst, views the $65,000 level as a critical hurdle for Bitcoin’s bulls. He emphasizes that the Relative Strength Index (RSI) on the Bitcoin/USDT 4-hour chart remains above 50, reflecting strong spot demand.
Key indicators support the bullish sentiment in the market. The BTC/USDT order book liquidity chart for Binance shows significant price targets just below the $65,000 mark, notably around $64,900.
Crypto analyst Michaël van de Poppe offers a cautious yet optimistic outlook. He mentioned that Bitcoin might consolidate and retest around $61.5K to $62K before resuming its upward trend. Van de Poppe believes that testing $64,000 could be pivotal for a breakout.
Van de Poppe's theory was put to the test recently as Bitcoin indeed tested $62K and encountered a crucial resistance zone. He anticipates an upward breakout either this week or the next, as Uptober starts to unfold.
Investors have been eagerly awaiting a potential bull run in Bitcoin since the halving event in April. The momentum is expected to further increase with the potential approval of Spot BTC ETFs in January.
Overall, the current market sentiment is leaning towards a bullish trajectory for Bitcoin, with various factors pointing towards a potential surge in the near future as Uptober unfolds. Investors and analysts alike are closely monitoring key resistance levels and indicators to gauge Bitcoin’s movement in the coming days.
