Bitcoin Slams Through $65K: 4 Reasons Why ‘Uptober’ Is Back On The Table
By Benzinga
Bitcoin (CRYPTO: BTC) has broken the $65,000 mark, trading at $65,840 at the time of writing, up 5.4% over the past 24 hours.
What Happened: Crypto trader Stockmoney Lizards has turned bullish, noting that while many are anticipating further lows, they may soon be left behind due to several indicators:
- Bull Market Bottom: Bitcoin is in a bull market, having experienced a 90% pump in February and March. The price has since cooled down and retraced to the 0.618 Fibonacci Retracement, typically marking the bottom in a bull market.
- Market Structure Change: There has been a subtle change in market structure, with Bitcoin forming two consecutive higher lows and a double bottom at $59,000 last week.
- Short-Term Bullish: The daily candle pushed above the point of control, indicating a short-term bullish trend.
- Macro Factors: The upcoming U.S. elections and further interest rate cuts could contribute to a bullish outlook and change in market structure.
The trader concluded that “Uptober” is still in play.
Also Read: Bitcoin Closes In On $65K As ETFs See Over $400M In Net Inflows
Why It Matters: Crypto trader Jelle, in his latest tweet, compared the Bitcoin’s current price pattern to 2023 levels, saying the crypto king reclaimed the 200-week EMA in the second week of October 2023 before a big uptrend. The same pattern may be playing out now.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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Image: Shutterstock
