Bitcoin continues its rise and today crossed a new symbolic threshold by reaching $68,000. This spectacular progression, which followed a hesitant start to the month, confirms the upward dynamic that is driving the crypto market at the moment. Analysts are wondering: is this rise the start of “Uptober,” as some anticipated?
Triangle exit and end of accumulation: clear signals of recovery
Technical analysis in recent days offers encouraging signs. Bitcoin recently broke through a triangle chart formation, a consolidation pattern where prices gradually tighten between a resistance line and a support line.
This movement is often the prelude to a strong directional phase. By breaking the upper resistance line, BTC has opened the way to significant upside potential, and the exit from this zone indicates an end to the accumulation period, marked by the massive inflow of capital into the market.
This triangle formed in a key value area, coinciding with a Fibonacci retracement and the 200-day moving average, two technical indicators often used to gauge the trend.
The combination of these factors added credibility to this rebound, supported by increased demand from institutional investors.
Today's continued rise further confirms this trend, with Bitcoin now well above $68,000 and looking set to test new resistance.
Uptober in sight? Bullish momentum strengthens
Traders and investors often speak of “Uptober” to refer to a period traditionally favorable to increases in Bitcoin.
And this year seems to be no exception. With inflows of over $500 million into Bitcoin ETFs in the last 24 hours, the crypto market is showing signs of optimism. Technical indicators also confirm this positive energy: oscillators, such as ROI and the MACD, are showing moderate overbought signals, indicating that buying pressure remains solid without reaching excessive levels.
The exit from the triangle and the end of the accumulation phase make it possible to target clear resistance levels for the coming days. If sustained above $68,000, Bitcoin could test $70,000, with the potential to continue towards $72,000 if volume remains in line with this dynamic. This progression is also supported by positive funding rates on BTC perpetual contracts, showing a well-anchored buying sentiment among speculators. Furthermore, the liquidity of bitcoin has exploded to 76%.
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