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Bitcoin continues its rise and today crosses a new symbolic threshold by reaching $68,000. This spectacular progression, which followed a hesitant start to the month, confirms the bullish momentum that is driving the crypto market at the moment. Analysts are wondering: is this rise the beginning of “Uptober,” as some anticipated?
Exit of the triangle and end of accumulation: clear signals of recovery
Technical analysis in recent days offers encouraging signs. Bitcoin has recently crossed a charted formation in a triangle, a consolidation pattern where prices gradually tighten between a line of resistance and a line of support.
This movement is often the precursor to a strong directional phase. By breaking through the upper resistance line, BTC has opened the way to a significant bullish potential, and the exit of this zone indicates an end of the accumulation period, marked by massive capital entry into the market.
This triangle formed in a key area of value, coinciding with a Fibonacci retracement and the 200-day moving average, two technical indicators often used to assess the trend.
The combination of these factors added credibility to this rebound, supported by increased demand from institutional investors.
Today’s continued rise confirms this trend, with Bitcoin now well above $68,000 and seemingly ready to test new resistances.
Uptober in sight? The bullish momentum is strengthening
Traders and investors often talk about “Uptober” to refer to a traditionally favorable period for Bitcoin increases.
And this year seems no exception. With inflows of over $500 million into Bitcoin ETFs over the past 24 hours, the crypto market is showing signs of optimism. The technical indicators also confirm this positive energy: oscillators, like the RSI and MACD, show moderate overbought signals, indicating that the buying pressure remains strong without reaching excessive levels.
The exit from the triangle and the end of the accumulation phase allow clear resistance levels to be targeted for the coming days. If it stays above $68,000, Bitcoin could test $70,000, with the potential to continue towards $72,000 if the volume remains in line with this dynamic. This progression is also supported by positive funding rates on BTC perpetual contracts, showing a well-established buying sentiment among speculators. Additionally, Bitcoin liquidity has exploded to 76%.
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Fasciné par le bitcoin depuis 2017, Evariste n’a cessé de se documenter sur le sujet. Si son premier intérêt s’est porté sur le trading, il essaie désormais activement d’appréhender toutes les avancées centrées sur les cryptomonnaies. En tant que rédacteur, il aspire à fournir en permanence un travail de haute qualité qui reflète l’état du secteur dans son ensemble.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.