Bitcoin (BTC) hit its highest point in several days on October 12 as the market mimicked last weekend’s ambiguous rally.
BTC/USD 1-hour chart. Source: TradingView
BTC price finds resistance below key barriers.
Data from Cointelegraph Markets Pro and TradingView showed BTC price nearing $63,500, up 1.5% on the day. This is a similar move to last weekend.
BTC/USD made significant progress during the October 11th Wall Street trading session after testing the $60,000 support throughout the week.
In an attempt to keep up with U.S. stocks, Bitcoin has shrugged off renewed inflationary pressures in the U.S. even as markets have scaled back bets on the scope for future interest rate cuts.
“It is clear that the initial low has been swept and cannot be broken, so a reversal occurs naturally,” noted trader Skew wrote in his recent coverage of X’s four-hour cycle.
Skew has an RSI (Relative Strength Index) score above 50, indicating that demand is spot. This is a key prerequisite for “ascent.”
“Monthly and weekly openings are always very pivotal, so they are critical to getting buyers back for another opportunity at $65,000,” he concluded.
BTC/USDT 4-hour chart. Source: Tilt/X
Monthly and weekly open levels correspond to $62,850 and $63,330 respectively, making the current spot price area a key battleground.
Analyzing exchange order book liquidity, trading resource Material Indicators added two more BTC price upside targets just below $65,000.
“FireCharts reports Bitcoin support is building above $63,000 and it looks like the bulls want to challenge the 200-day moving average,” he told X followers, referring to one of the company’s proprietary trading indicators.
“Successfully clearing the 200-day MA will attempt R/S flip technical resistance at $64.9,000 for the 2021 Mid-Cycle Top.”
Binance’s BTC/USDT order book liquidity. Source: Material Indicators/X
Despite low confidence in the weekend BTC price rise, trader, analyst and entrepreneur Michaël van de Poppe expects the upward trend to continue next week.
“Bitcoin rose quickly, taking liquidity below $59.5,000,” he summarized.
“We’ll probably see a few days of consolidation and a big uptick by next week. A breakout of $64,000/$65,000 is the big breakout we are looking for before a new ATH test and altcoin run occurs.”
BTC/USDT 6-hour chart. Source: Michaël van de Poppe/X
Stablecoin market capitalization increases expectations for Bitcoin strength
An equally optimistic prediction came from Bitcoin analytics account Bitcoindata21. This account uploaded an indicator that appears to be repeating bull market behavior.
relevant: BTC Price Rises ‘Nearly’ as Bitcoin Whale Purchases 1.5 Million BTC — Analysis
Amid a broad downtrend, the overall market capitalization of major US dollar stablecoins appears set to continue falling versus Bitcoin, which has been in a consolidation phase for several months, a chart uploaded to X showed.
“That trend line is too clean,” part of the accompanying commentary said.
“If the purple line breaks below, Bitcoin will tear. Then wait for the downtrend to reverse (see yellow trend channel)… that’s when the top comes!”
Stablecoin vs. Bitcoin market capitalization. Source: Bitcoindata21/X
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.