Bitcoin (BTC) rose to a multi-day high on October 12 as the market mimicked last weekend's dubious rally.
BTC/USD 1 hour chart. Source: TradingView
BTC price strengthens resistance below key barrier
Cointelegraph Markets Pro and TradingView BTC price trend was up 1.5% on the day and near $63,500. This was a similar move to the previous weekend.
BTC/USD rose significantly during the October 11th Wall Street trading session after testing the $60,000 support for much of the week.
Bitcoin has shrugged off fresh inflationary pressures in the U.S., trying to catch up with U.S. stocks even as the market reduced bets on the extent of future interest rate cuts.
“The initial low has been wiped out and clearly we were unable to break down, so there is a natural pullback,” wrote popular trader Skew. latest news 4 hour timeframe of X.
Skew-flagged Relative Strength Index (RSI) score above 50 and spot demand are key prerequisites for 'promotion'.
“Monthly and weekly openings are always very important, so they are very important for buyers to get their next shot back at $65,000,” he concluded.
BTC/USDT 4-hour chart. Source: Skew/X
The monthly and weekly open levels are worth $62,850 and $63,330, respectively, making the current spot price area a key battleground.
Analyzing exchange order book liquidity, Trading Resources material indicators have added two more upside targets for the BTC price near just below $65,000.
“The fire chart shows Bitcoin support above $63,000, and the bulls appear to want to challenge the 200-day moving average.” said X followers mention one of our unique trading indicators.
“If they are successful and clear the 200-day MA, they will attempt an R/S reversal of technical resistance at the 2021 midcycle top at $649,000.”
Binance's BTC/USDT order book liquidity. Source: Material Indicator/X
Despite the lack of credibility for the weekend's BTC price rally, trader, analyst, and entrepreneur Michael van de Poppe predicted continued good times for bulls next week.
“Bitcoin took liquidity below $59,500 and quickly rose,” he said. summarized.
“We'll probably see some price action for a few days and then a big move up next week. A $64,000 or $65,000 breakout is the big break we're looking for before a new ATH test and altcoin run happens. It’s out.”
BTC/USDT 6-hour chart. Source: Michael van de Poppe/X
Stablecoin market cap raises expectations for Bitcoin bull market
A similarly optimistic prediction comes from Bitcoin analysis account Bitcoindata21, which has uploaded indicators that appear to be repeating bull market behavior.
Related: Bitcoin Whale Purchases 1.5 Million BTC, BTC Price “Soon” to Rise — Analysis
The overall market capitalization of major USD-denominated stablecoins relative to Bitcoin had been undergoing a months-long correction amid a broader downward trend, and appeared ripe for continued decline. graph with uploaded Shown in X.
“Those trend lines are very pretty,” the accompanying commentary said in part.
“If the purple line breaks to the downside, Bitcoin will crash. Then wait for the downtrend to reverse (see yellow trend channel)…that's when it's all high!”
Market capitalization of stablecoins and Bitcoin. Source: Bitcoindata21/X
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.
