With Bitcoin inching closer to the “Uptober” rally, will September end at $70K as the 4-day rally gains momentum?
As Bitcoin peaks above the $64K mark momentarily, the crypto market is on a major bull run. With projects like Solana making waves in the Token2049 event and the Bitcoin market cap increasing to $1.263 trillion, the bulls are back in the driving seat.
Will this sudden shift in trend dynamic lead to a stable bull run this year? Let’s find out.
Bitcoin 4-day Rally: A Breakout Signal?
In the daily chart, Bitcoin is marking its fourth consecutive bullish day, registering an intraday gain of 1.49% from an opening price of $62,950. With a 24-hour high of $64,121, the BTC price trend continues to build bullish momentum.
Having experienced four straight green candles, BTC has risen by 10.91% and is currently trading at $63,914. From a low of $53,550, the price has surged 18.86% in just two weeks, signaling a robust bullish reversal.
This recovery has surpassed both the 50-day and 100-day simple moving averages and is now testing the 200-day SMA. Additionally, BTC faces resistance from a local trend line near the $64,000 mark alongside dynamic resistance levels.
Based on the Fibonacci levels, the recovery run has surpassed the 23.60% level at $61,613. The next resistances at 38.20% and 50% levels are at $66,601 and $70,632. The bullish recovery run with a trading volume boost reveals a trend momentum surge.
The MACD indicator reveals a surge in intense bullish histograms, with the average lines maintaining a positive alignment, supporting bullish optimism.
Bitcoin Breakout Run this October
As the inverted head and shoulders pattern continues to rally, Bitcoin’s price trend is now targeting the $70,000 mark.
Additionally, the bullish flag formation is gaining momentum, with the overhead trendline currently positioned near $68,000. A breakout from this channel could trigger a new bull cycle for Bitcoin and the wider cryptocurrency market.
With October approaching, historical trends suggest a strong bullish momentum during this month, setting the stage for a significant price surge.
According to data from CoinGlass, Bitcoin has historically delivered an average return of 22.90% in October, with the last five Octobers showing bullish performance. The trend is expected to continue into November, which has averaged a 46.81% return. However, it’s worth noting that November has seen three bearish turns in the past five years.
Despite these fluctuations, the changing dynamics suggest that Bitcoin and the broader crypto market are poised for a bullish comeback.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
