Originally published on: October 14, 2024
Bitcoin is on a mission to break through the $65,000 resistance level, signaling a bullish trend for BTC in October.
In a strong start to the week, Bitcoin surged to $64,800, marking new highs for the month and gaining 2.8% in daily gains and 1.2% month-to-date.
As Bitcoin consolidates, traders remain optimistic about reaching new highs by the end of the year or Q1 of next year.
Analysts employ various strategies like Elliott Wave theory to predict price movements, with many calling for a retest of the $65,000 resistance level.
The recent liquidation of short positions has added to the bullish sentiment, with over $180 million liquidated so far.
As Bitcoin approaches the August high of $64,300, traders are eyeing the next key resistance level at $66,000.
Market experts believe that Bitcoin is poised for a breakthrough, with strong buy walls neutralizing sell walls, indicating a potential shift in market control.
Amidst a backdrop of rising unemployment and inflation concerns, market focus remains on the Federal Reserve, election outcomes, and earnings reports.
US macroeconomic data continues to influence market sentiment, with changes in interest rate probabilities shaping investor expectations.
Retail participation in Bitcoin remains subdued but shows signs of a nuanced recovery, particularly among smaller investors or ‘plankton.’
Despite mixed signals from Bitcoin whales and ETF flows, market sentiment remains cautiously optimistic about Bitcoin’s future price movements.
Investors are advised to conduct their own research and exercise caution when making investment decisions in the volatile cryptocurrency market.
