Analysis shows Bitcoin price has reached $66,000, asking ‘Has Uptober begun?’

Bitcoin (BTC) hit $66,000 in an already lively cryptocurrency market due to whale buying pressure since Wall Street opened on October 14.

BTC price surge took the market above $66,000.

BTC price rose nearly 5% on the day, according to data from Cointelegraph Markets Pro and TradingView.

Continuing its strong run through the end of last week, BTC/USD reached a two-week high as US bids began in earnest during the day’s Asian trading session.

Trading resource Material Indicators, which analyzed X’s exchange order book liquidity, found that Bitcoin whales are “buying back Bitcoin” at current levels.

“We are watching to see if the brown giant whale emerges with another large market order to eat this selling wall at $65.5,000,” the accompanying commentary reads in part.

Bitcoin quickly reclaimed the key trend line as support on the daily time frame while heading towards $66,000.

As noted by popular analyst On-Chain College, key bull market support levels – the 200-day moving average and short-term holding cost basis – have now tended to act as support once again.

“Has the Uptober started?!” It asked.

Cointelegraph previously reported on $65,000 forming a key level that bulls could turn into convincing support to ensure a sustainable, long-term trend change.

Popular trader Skew agreed today, explaining that the current spot price range is very important.

“This is a very important overhead for the market to get and stay above $65,000,” he told X followers.

Bitcoin Brings Back “Uptober Optimism”

Expecting better market strength going forward was trading firm QCP Capital.

relevant: 5 Things to Know When Bitcoin Heads to $65,000

In its latest bulletin to its Telegram channel subscribers, QCP argued that while there may be “many factors” influencing BTC price action, history favors a strong finish in October and the rest of the year.

“If you look back at 2016, BTC has been trading in a very tight range for over three months. “It was not until three weeks before the US election that BTC began to rebound from 600, doubling in price by the first week of January.”

“Similarly, in 2020, BTC was stuck in a boring range for half a year and began a rally from 11,000 just three weeks before the US election, reaching a high of 42,000 by January.”

As Cointelegraph previously noted, the average October gain since 2013 has totaled 23%, which is significantly higher than in 2024 so far.

“After trading in this range for several months, will history repeat itself? Today’s rally certainly gave the market a glimmer of hope as Uptober’s optimism appears to be fading,” QCP concluded.

This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.