Bitcoin price at $64,000: towards a new high or just a temporary jump?

Is “Uptober” finally beginning for bitcoin? After a dizzying fall below $60,000 on October 10, causing panic in the markets, BTC seems to be on its way to the heights again. The flagship crypto, hovering at $63,700, is showing signs of recovery despite continued volatility and a divided market. The question remains, however, whether this momentum will be enough to break through key resistance to begin a sustainable rally.

Bear and bull arguing over a bitcoin coin

Bitcoin and altcoins: Shy but promising race

While the price of bitcoin jumped above $63,000other cryptos like Ethereum are slowly recovering from the storm. The entire market shows a timid increase of 0.65% in capitalizationstanding at around $2.14 trillion. Trading volume increased by 4.3%, suggesting modest participation from traders.

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

A few cryptos nevertheless stand out:

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

Despite these increases, doubt remains about the ability of altcoins to keep pace with bitcoinespecially with upward pressures affecting assets such as Litecoin or Fantom.

BTC Traders: Determination Tested

Traders are closely scrutinizing bitcoin which is flirting with $64,000 for the third day in a row. Technical indicators suggest a potential move above $65,000reinforced by the possible validation of a double-dip diagram.

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

200 DAYS MA-price-Bitcoin200 DAYS MA-price-Bitcoin
Bitcoin price chart – 200 days MA – October 14 – Source: TradingView

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 one analyst would say: “ The bulls appear to be struggling to maintain control in the face of weakening trading volume. »

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

Whatever the $100K bet for bitcoin remains within reach, regardless of the results of the upcoming US election, predicts Dan Tapiero.

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