Bitcoin price hits $66K as analysis asks: ‘Has Uptober begun?’
2024.10.14 10:55
Bitcoin (BTC) tagged $66,000 after the Oct. 14 Wall Street open as whale buying pressure fueled already buoyant crypto markets.
BTC/USD 1-hour chart. Source: TradingView
BTC price surge takes market beyond $66,000
Data from Cointelegraph Markets Pro and TradingView showed BTC price gains nearing 5% for the day.
Continuing strength that came toward the end of last week, BTC/USD approached two-week highs as the United States furthered bidding, which began in earnest during the day’s Asia trading session.
Analyzing exchange order book liquidity on X, trading resource Material Indicators showed Bitcoin whales “buying Bitcoin again” at current levels.
“Watching to see if brown Mega Whales show up with another big market order to eat through this sell wall at $65.5k,” part of its accompanying commentary stated.
BTC/USDT order book liquidity on Binance. Source: Material Indicators/X
While heading to $66,000, Bitcoin rapidly reclaimed key trend lines as support on daily timeframes.
As noted by popular analyst On-Chain College, the 200-day moving average and short-term holder cost basis — both key bull market support levels — were now apt to function as support once again.
“Has Uptober begun?!” it queried.
BTC/USD chart with trend lines. Source: On-Chain College/X
Previously, Cointelegraph reported on $65,000 forming the key level for bulls to flip to convincing support in order to ensure a sustainable longer-term trend change.
Popular trader Skew agreed on the day, describing the current spot price range as highly significant.
“Quite the important overhead here for market to break & sustain above ~ $65K,” he told X followers.
BTC/USD 1-day chart. Source: Skew/X
Bitcoin brings back “Uptober optimism”
Hopeful for better market strength going forward was trading firm QCP Capital.
Related: 5 things to know as Bitcoin price heads for $65,000
In its latest bulletin to Telegram channel subscribers, QCP argued that while there could be “many factors” influencing BTC price action, history favored a strong finish to October and the rest of the year.
“If we look back to 2016, BTC was trading in a very tight range for more than 3 months. It wasn’t until three weeks before US Election day that BTC began it’s rally from 600 and finally doubling it’s price by the first week of January,” it observed.
“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.”
As Cointelegraph previously noted, average October gains since 2013 have totaled 23% — still much higher than 2024 so far.
“After months of trading in the range, will history repeat itself? Today’s rally has definitely given the market a glimmer of hope just as Uptober optimism was fading,” QCP concluded.
BTC/USD monthly returns (screenshot). Source: CoinGlass
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
