As a seasoned researcher with over a decade of experience in the cryptocurrency market, I have witnessed many ups and downs, bull runs, and bear markets. The current surge of Bitcoin (BTC) to $66,000 is a sight that brings back memories of the 2017 bull run.
On October 14, when the stock market opened, Bitcoin (BTC) reached around $66,000, primarily due to strong buying activity from large investors, further boosting the already robust cryptocurrency market.
BTC price surge takes market beyond $66,000
Data from CryptoMoon Markets Pro and TradingView showed BTC price gains nearing 5% for the day.
Last week’s momentum in BTC/USD exchange rate has persisted, pushing it near two-week peaks. This surge was fueled by increasing US involvement, a trend that started during the Asian trading hours of the day.
Examining the liquidity of trade orders for cryptocurrency X, it was observed that significant players (Bitcoin whales) have been purchasing Bitcoin once more at the present price points, as indicated by our trading resources and indicators.
Keeping an eye out to find out if the large “Brown Whales” will appear, potentially placing a massive buy order that could break through the selling barrier at $65.5k.
While heading to $66,000, Bitcoin rapidly reclaimed key trend lines as support on daily timeframes.
According to renowned analyst On-Chain College, the 200-day moving average and the short-term holder’s purchase price – crucial indicators for a bull market – might serve as supportive factors yet again.
“Has Uptober begun?!” it queried.
Earlier, CryptoMoon noted that $65,000 could serve as a pivotal point for buyers to establish strong, long-lasting backing, facilitating a shift towards a more enduring upward trend.
On that day, well-known trader Skew expressed his viewpoint, stating that the current price range is extremely noteworthy.
He explained to his audience that it’s crucial for the market to surpass and maintain a level around $65K as there is significant importance attached to this barrier.
Bitcoin brings back “Uptober optimism”
Hopeful for better market strength going forward was trading firm QCP Capital.
In their recent update to followers on the Telegram channel, QCP suggested that although numerous elements might impact Bitcoin’s price trend, historical data seems to indicate a robust conclusion for October and the remainder of the year.
Looking back to 2016, Bitcoin (BTC) remained in a narrow trading band for over three months. However, three weeks prior to the US Election, BTC started its surge from $600. By the first week of January, its price had more than doubled.
“Similarly in 2020, BTC was stuck in a boring range for half a year and only started rallying from 11k just three weeks before US Election day, reaching a high of 42k by January.”
Previously pointed out by CryptoMoon, the average return for October, dating back to 2013, has been approximately 23%. However, this figure is significantly greater than what’s been observed in the crypto market thus far in 2024.
Following several months of fluctuating prices, could past patterns recur? The recent surge in trading activity has sparked some optimism within the market, reviving hopes that were diminishing during the ‘Uptober’ period,” QCP suggested.
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2024-10-14 18:07