Originally published on: October 12, 2024
Bitcoin made a strong move towards multi-day highs on October 12, showing similar behavior to the previous weekend’s upside. The price of BTC climbed to nearly $63,500, up by 1.5% in a day, reflecting the positive sentiment in the market.
Despite facing challenges like US inflationary pressures and uncertainties in the market, Bitcoin has been resilient. Traders and analysts are optimistic about its future performance, with many predicting that the bullish momentum will continue.
Popular trader Skew highlighted the key prerequisites for a potential move up in Bitcoin’s price, including RSI scores above 50 and a strong spot demand. The battle for the $65K level seems imminent as traders eye the monthly and weekly open levels as crucial battlegrounds.
Analyzing exchange order book liquidity, trading resource Material Indicators pointed out two potential upside targets for Bitcoin just below $65,000. This suggests that bulls are eager to challenge the 200-Day Moving Average, indicating a positive outlook for the cryptocurrency.
With experts expecting the bullish trend to continue, Bitcoin analytics account Bitcoindata21 highlighted a metric that mirrors previous bull market behavior. The market cap of major US dollar stablecoins relative to Bitcoin is expected to head lower, signaling a potential uptrend for the cryptocurrency.
While these trends are promising, it’s important to remember that all investment decisions involve risks. It’s advisable to conduct thorough research before making any financial decisions. Stay tuned for more updates on Bitcoin’s price movements and market trends.
