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.
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.
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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