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Bitcoin has made a strong weekly close as October, known as “Uptober,” approaches, promising investors more upside opportunities with volatility next week and November. As BTC/USD approaches its monthly close, volatility could increase as US economic data, especially the US elections and the Fed’s interest rate decision, increases.
Bitcoin is Getting Ready to End of a Good “Uptober”
Bitcoin, which closed last week just below $68,000, is trying to break out of its bearish channel, and investors are excited about new bullish momentum. In addition, the price gap seen at $67,000 on the CME Bitcoin futures market indicates a short-term correction level, and this level is being highlighted. Leading analysts such as Daan Crypto Trades state that the coming weeks, and especially November, could create big moves in BTC prices.
Bitcoin Data Shows Uptober Monthly Close Will Be a Good One
In particular, the 50-day simple moving average (SMA) has broken above the 200-day SMA, creating a “golden cross.” This move occurred during the same period last year, according to Satoshi Stacker, and resulted in Bitcoin doubling in value in the next five months. If the same scenario repeats itself, BTC/USD is expected to reach six-figure prices in Q1 2025.
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While large investors continue to accumulate Bitcoin, weak retail investor interest is also supporting BTC price strength. Analysts emphasize that breaking the $70,000 resistance is a critical threshold for Bitcoin to enter a new macro uptrend.
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