Bitcoin has broken through the $66,000 mark, continuing its impressive rebound that has seen the cryptocurrency gain over 3% in October. On Oct. 14, after the Wall Street market opened, BTC surged as whale buying pressure and a buoyant market outlook fuelled the price rise. Data from TradingView shows that Bitcoin’s daily gains neared 5%, hitting two-week highs.
BTC/USD 1-hour chart. Source: TradingView
The rally began during Asia’s trading session and continued as United States traders pushed the market further, with analysts watching closely. Popular trading resource Material Indicators highlighted that Bitcoin whales were actively buying at current price levels, suggesting strong market support.
Key Market Levels Reclaimed
As Bitcoin reclaimed critical trend lines, popular analyst On-Chain College noted that key support levels like the 200-day moving average and the short-term holder cost basis were once again supporting the price. This upward movement is being seen as a possible shift into a bullish market.
“Has Uptober begun?!” the analyst asked, pointing out the importance of $65,000 as a key level for Bitcoin bulls to sustain a long-term trend change. Fellow trader Skew echoed this, describing the current price range of around $65K as a crucial area for the market to break and sustain.
Uptober Optimism Returns
After a relatively quiet period, the excitement around Bitcoin’s potential rally is growing. QCP Capital, in a bulletin to subscribers, pointed to historical trends that suggest Bitcoin could experience a strong end to the year. They noted that similar price rallies occurred in the weeks leading up to US elections in both 2016 and 2020, where Bitcoin’s value surged significantly.
BTC/USD chart with trend lines. Source: On-Chain College/X
The average October gains for Bitcoin since 2013 have stood at 23%, leading analysts to wonder if history could repeat itself. With today’s rally sparking renewed optimism, the market is once again hopeful for a strong finish to the year.
Will History Repeat Itself?
While it’s still early in the month, the latest price surge has given Bitcoin bulls a glimmer of hope that October could deliver significant gains. Traders and analysts are now watching closely to see if the momentum can be sustained in the coming weeks.
