‘Most Bullish’ Weekly Close — 5 Things to Know About Bitcoin This Week

Bitcoin (BTC) launches towards the end of “Uptober,” with a strong weekly close and traders betting on new BTC price gains.

• Analysis predicts a “highly volatile” monthly close for BTC/USD, with CME futures gapping around $67,000 as a downside target.
• It follows an onslaught of US macro data ahead of next week’s tight election and Federal Reserve interest rate meeting.
• Bitcoin is finally breaking out of its virtual bearish channel since hitting record highs in March after its “most bullish” weekly close.
• US Bitcoin ownership is increasing. This is a key element of a long-term bull market.
• Whale continues to seek to increase exposure while retail interest remains unimpressive. However, this has historically helped boost the price of BTC, data shows.

Golden cross establishes a bullish tone for BTC price.

Bitcoin ended the week just below $68,000, and while it’s not at its highest level in “Uptober,” the bull run continues unabated as the monthly close approaches.

Data from Cointelegraph Markets Pro and TradingView shows a healthy BTC price rally that continues into the first Asian trading session of the week.

As a result, “gaps” in the CME Group Bitcoin futures market provide insight into potential retracement levels following near-term momentum changes.

“I think it’s going to be very volatile next week and the end of the month,” popular trader Daan Crypto Trades wrote in part of a recent X post, confirming the CME gap at $67,000.

“November itself will see a lot of activity.”

With less than a week left until the US presidential election, traders are bracing for volatility across cryptocurrencies and risk assets.

Others point out that on higher terms, BTC/USD continues to consolidate below the March all-time high of $73,800.

“As long as we consolidate, we will build the volatility needed to break the 70,000 resistance,” fellow trader Roman told X subscribers.

“It’s boring to move sideways, but what’s next is going to start a new macro uptrend. “70,000 is the level we need to break to get out of this seven-month range.”

Cryptocurrency investor and analyst Satoshi Stacker observed a “golden cross” appearing on the daily charts. This includes the 50-day simple moving average (SMA) rising above 200 days.

“The last time this happened (almost exactly a year ago), the price of BTC more than doubled in the five months that followed,” he said.

To repeat, we could see BTC/USD reach six figures for the first time in history during the first quarter of 2025.

Macro data from the U.S. comes thick and fast before the election.

After a relatively quiet two weeks, US macroeconomic data came back and with it increased risk asset volatility.

Third-quarter GDP, key technology revenues, non-farm payrolls (NFP), the unemployment rate, and the Personal Consumption Expenditures (PCE) index, the Federal Reserve’s preferred measure of inflation, are all due out in the coming days.

The timing of data printing could not have a greater impact. Next week sees the US presidential election and the Federal Reserve’s next meeting to decide interest rate policy.

Both events are seen as key to the trajectory of risky assets, including cryptocurrencies, and the stakes are high as U.S. stocks hit new record levels.

“It’s a very busy start to November with a huge week ahead of us,” trade resource The Kobeissi Letter summarized as part of its latest X coverage.

Popular trader CrypNuevo described late October as “one of the toughest trading weeks of the year.”

He updated his

“I put forth this forecast, but take it with some caution, as it will be invalidated as soon as there is surprise earnings or NFP data,” he wrote.

As for how the Fed will react to the macro numbers, QCP Capital suggests it will take a lot for the market to change its mind.

The latest data from the CME Group FedWatch tool shows that the November 7 meeting is overwhelmingly likely to result in a 0.25% rate cut.

“There is currently a 95.1% probability of a 25 bps rate cut in November, which the market is not expecting to be a huge surprise,” he noted to subscribers of his Telegram channel.

Bitcoin recorded its “most bullish” weekly close.

At around $67,940 on Bitstamp, BTC/USD closed the week previously described as the “most bullish” result.

Last week, popular trader and analyst Rekt Capital argued that just a close at $66,300 would be promising, but the market eventually settled on a level ready to serve as a starting point for further gains.

The importance of the weekly close becomes even clearer when we look at BTC price trends since the all-time high in March.

Since then, BTC/USD has behaved within a downward channel that is difficult to fully break through. But now it seems that moment has arrived.

“We are just hours away from Bitcoin confirming a new bullish weekly candle close,” Rekt Capital summarized with an example chart from the channel on October 27.

“Bitcoin is at the moment of confirming a retest after a successful breakout from the channel (black).”

Others have reached similar conclusions. Trading platform TrendSpider declared “all systems ready for launch” following the close of trading.

“A breakout of the descending expanding wedge appears to have been fully tested,” fellow celebrity trader Mustache concluded in part of his recent X post.

“Next target: new ATH.”

Bitcoin ownership in the United States has begun a major rebound.

For the first time since the March peak, the amount of Bitcoin owned by U.S. companies has begun to increase.

On-chain analytics company CryptoQuant analyzed BTC held by banks, funds, and exchanges and compared it to when the bull market began in early 2023.

“The percentage of Bitcoin held by U.S. institutions (exchanges, banks, funds) is starting to increase again,” contributor Crypto Sunmoon wrote in one of his Quicktake blog posts on October 28.

“The strong uptrend in late 2023 began with an increase in the proportion of Bitcoin held by U.S. companies. The sustained sideways movement in the price of Bitcoin since March of this year began with a decline in the proportion of Bitcoin held by U.S. companies.”

The attached chart shows the 100-day exponential moving average (EMA) of U.S. Bitcoin ownership compared to other countries.

Whales consciously vomit

Cointelegraph previously reported early signs that retail interest was starting to return after a long hiatus.

relevant: Bitcoin Analyst: BTC Price of $100,000 by February ‘Completely Reasonable’

But Google search data shows mainstream interest is near a five-year low.

The same can be said about the Bitcoin whale’s approach to the current market.

The mood among large BTC investors is optimistic, and although this could easily change once the market reaches a certain price point, the current trend is one of uninterrupted accumulation.

“This has led to historically optimistic results as cryptocurrencies’ biggest primary stakeholders continue to steal more coins from retail traders,” research firm Santiment commented in an X Post on October 25.

According to Santiment, over the past two weeks, the number of whales with wallets holding more than 100 BTC has increased by 1.9%.

At the same time, the number of wallets below 100 BTC decreased by more than 20,000, or more than 0.1% of the total.

By analyzing low retail activity, CryptoQuant came to similar conclusions regarding its impact on BTC price action.

“On September 21, daily transfers by individual investors hit $326 million. This is the lowest it’s been since at least 2020,” he told X followers last week.

“Historically low retail activity often precedes Bitcoin price rises.”

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.