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Bitcoin’s bull run: Will ‘Uptober’ turn things around for BTC?

September 24, 2024
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Bitcoin’s bull run: Will ‘Uptober’ turn things around for BTC?
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  • BTC bulls are targeting $64K, eyeing $68K as the next resistance level. 
  • Can they overcome four days of failed attempts to push BTC above this key target?

Bitcoin [BTC] bulls are targeting the $64K mark, a key level last reached during the late August rally, making it a critical turning point.

To avoid repeating past downturns, bulls must counter any bearish pressure. If successful, the next resistance could materialize around $68K.

Bitcoin: Bull run hinges on $64K

BTC chart

Source : Coinalyze

The current cycle closely resembles the early August trend, with BTC rising to $64K after retracing below $55K. However, the 18-day surge then was marked by inconsistent bearish pressure.

In contrast, while this cycle shows more consistent green candles, the growth rate is less steady, causing volatility among stakeholders.

As a result, instead of rate cuts boosting bullish sentiment, ongoing volatility has kept BTC from retesting $64K, currently trading at $63,543 – marking the fourth straight day below this benchmark.

Additionally, this benchmark has been tested five times since March, when BTC reached its ATH of $73K. Notably, it was only in July that bulls prevented a pullback, pushing BTC to $68K.

Simply put, the $64K mark has been a crucial turning point for Bitcoin.

While volume indicators point to a bullish trend, the real challenge is whether other investors will back a breakout or if bears will once again block BTC’s ascent.

Current price may be out of reach 

Over the past two days, BTC trading volume on CEXes has plunged from $17B to $6B. This sharp drop could amplify volatility, shaking investor confidence in a potential trend reversal.

See also  Putin Acknowledges Russia as a Bitcoin Mining Leader; 54,000 BTC Mined in 2023

The chart below might indicate a potential market top, often coinciding with reduced trading activity on CEXs.

Conversely, when exchange volumes spike during sharp BTC declines, it frequently presents an ideal dip-buying opportunity.

trade volume

Source : CryptoQuant

Per AMBCrypto, reduced exchange activity might suggest two possibilities: either investors are cashing in on gains from the September cycle, or they are waiting for a dip to buy BTC at a lower price.

If this trend holds, it could certainly set the stage for a resurgence of positions shorting Bitcoin. Consequently, a chance at a breakout may falter. However, 

There might still be hope

As the most volatile month comes to a close, the potential for “Uptober” could signal a bullish turning point for the market, a glimmer of hope illustrated in the chart below.

On the day Bitcoin experienced a minor 0.37% decline, the RPL ratio dropped, indicating losses. However, since then, a majority of transactions have occurred higher than the original acquisition price.

RPL ratio

Source : BGeometrics

Adding to this analysis, large transaction volumes have surged, with transactions exceeding $100K seeing significant activity. 

Clearly, bulls are pushing against the resistance that has held Bitcoin below the $64K benchmark. Currently, the sharp decline in CEX volume is reinforcing short dominance, acting as a barrier.


Read Bitcoin’s [BTC] Price Prediction 2024-25


However, if the market stabilizes, as evidenced by sellers realizing profits, FOMO could incentivize a longer-term commitment.

Ultimately, monitoring CEX volume alongside speculative market activity is crucial. Their dominance may push BTC back below $60K if unchecked.

Next: AI crypto Arweave gains 17% gain: Will AR lead the ‘alt-rebirth’?

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

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  • BTC bulls are targeting $64K, eyeing $68K as the next resistance level. 
  • Can they overcome four days of failed attempts to push BTC above this key target?

Bitcoin [BTC] bulls are targeting the $64K mark, a key level last reached during the late August rally, making it a critical turning point.

See also  Russia Makes An Unexpected Bitcoin (BTC) Mining Move in Africa

To avoid repeating past downturns, bulls must counter any bearish pressure. If successful, the next resistance could materialize around $68K.

Bitcoin: Bull run hinges on $64K

BTC chart

Source : Coinalyze

The current cycle closely resembles the early August trend, with BTC rising to $64K after retracing below $55K. However, the 18-day surge then was marked by inconsistent bearish pressure.

In contrast, while this cycle shows more consistent green candles, the growth rate is less steady, causing volatility among stakeholders.

As a result, instead of rate cuts boosting bullish sentiment, ongoing volatility has kept BTC from retesting $64K, currently trading at $63,543 – marking the fourth straight day below this benchmark.

Additionally, this benchmark has been tested five times since March, when BTC reached its ATH of $73K. Notably, it was only in July that bulls prevented a pullback, pushing BTC to $68K.

Simply put, the $64K mark has been a crucial turning point for Bitcoin.

While volume indicators point to a bullish trend, the real challenge is whether other investors will back a breakout or if bears will once again block BTC’s ascent.

Current price may be out of reach 

Over the past two days, BTC trading volume on CEXes has plunged from $17B to $6B. This sharp drop could amplify volatility, shaking investor confidence in a potential trend reversal.

The chart below might indicate a potential market top, often coinciding with reduced trading activity on CEXs.

Conversely, when exchange volumes spike during sharp BTC declines, it frequently presents an ideal dip-buying opportunity.

trade volume

Source : CryptoQuant

Per AMBCrypto, reduced exchange activity might suggest two possibilities: either investors are cashing in on gains from the September cycle, or they are waiting for a dip to buy BTC at a lower price.

See also  Mt. Gox's Bitcoin repayment: Will $9B BTC dump sink prices again?

If this trend holds, it could certainly set the stage for a resurgence of positions shorting Bitcoin. Consequently, a chance at a breakout may falter. However, 

There might still be hope

As the most volatile month comes to a close, the potential for “Uptober” could signal a bullish turning point for the market, a glimmer of hope illustrated in the chart below.

On the day Bitcoin experienced a minor 0.37% decline, the RPL ratio dropped, indicating losses. However, since then, a majority of transactions have occurred higher than the original acquisition price.

RPL ratio

Source : BGeometrics

Adding to this analysis, large transaction volumes have surged, with transactions exceeding $100K seeing significant activity. 

Clearly, bulls are pushing against the resistance that has held Bitcoin below the $64K benchmark. Currently, the sharp decline in CEX volume is reinforcing short dominance, acting as a barrier.


Read Bitcoin’s [BTC] Price Prediction 2024-25


However, if the market stabilizes, as evidenced by sellers realizing profits, FOMO could incentivize a longer-term commitment.

Ultimately, monitoring CEX volume alongside speculative market activity is crucial. Their dominance may push BTC back below $60K if unchecked.

Next: AI crypto Arweave gains 17% gain: Will AR lead the ‘alt-rebirth’?
Tags: BitcoinsBTCBullRunTurnUptober

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