The Price Of Bitcoin At $64,000: Heading Towards A New Peak Or Just A Temporary Rebound?

Is “Uptober” finally starting for Bitcoin? After a steep drop below $60,000 on October 10th, causing panic in the markets, BTC seems to be on its way to new heights again. The leading crypto, oscillating at $63,700, shows signs of recovery despite persistent volatility and a divided market. However, the question remains whether this momentum will be enough to break through key resistances for a sustainable rally.

Bitcoin and altcoins: Timid but promising race

As the price of Bitcoin surged above $63,000, other cryptos like Ethereum are slowly recovering from the storm. The entire market shows a modest capitalization increase of 0.65%, settling at around $2.14 trillion. Trading volume is up 4.3%, suggesting modest participation from traders.

However, the “fear and greed” index stagnates at 37, reflecting persistent nervousness.

Some cryptos nevertheless stand out:

• Brett (BRETT): +21.2%;
• Ethena (ENA): +14.95%;
• SUI: +2%.

Despite these gains, doubts remain on the ability of altcoins to keep up with the pace set by Bitcoin, especially with upward pressures affecting assets such as Litecoin or Fantom.

BTC Traders: A determination put to the test

Traders are closely watching Bitcoin as it flirts with $64,000 for the third consecutive day. Technical indicators suggest a potential move above $65,000, reinforced by the possible validation of a double bottom pattern.

The 200-day moving average and a possible bullish MACD crossover favor the continuation of the trend.

However, a recent drop of over $100 ($63,893 at the time of writing) shows that the crypto market is not out of the woods yet. As an analyst might say: “The bulls seem to be struggling to maintain control amid declining trading volumes. ”

A decisive entry into the resistance zone would be necessary to hope to reach $67,000.

Whatever the outcome, the $100K bet for Bitcoin remains within reach, regardless of the results of the upcoming U.S. election, predicts Dan Tapiero.