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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The post Bitcoin Set for a Good Monthly Close as “Uptober” Ends appeared first on Coin Engineer.

According to the data, Bitcoin price increased by nearly 5% during the day, approaching its highest levels in two weeks. Trading in the US accelerated with the purchases that started in the Asian session.

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Bitcoin Uptober Analysts Raises Conserns

Crypto market analysis platform Material Indicators stated that large Bitcoin whales are buying again at the current price levels. The platform emphasized that there are signs that a major sell wall, especially located at $65,500, is about to be broken.

With Bitcoin’s rise to $66,000, important trend lines on daily charts have regained strength as support levels. Popular analyst On-Chain College drew attention to the fact that bull market support levels such as the 200-day moving average and the short-term investor cost floor are back in play, and asked, “Has Uptober started?” brought up the question.

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The post Bitcoin Price Reaches $66,000: Has Uptober Started? appeared first on Coin Engineer.