Bitcoin Up 27% From August Lows: What’s Next for BTC? Will Bulls Break $64,000?
Bitcoin is steady and under pressure. Even as whales accumulate, BTC is yet to break above $64,000 in a buy trend continuation to $70,000
Bitcoin is firm when writing, soaking in the selling pressure of October 7 and 8. Even though buyers are still struggling for momentum and the downtrend remains, if the trend of last week leads, the uptrend set in motion in September is still valid. In the short term, traders can wait for a clear trend definition, aware that any dip below the $58,000 to $60,000 support zone may trigger more losses. As this happens, there are fundamental factors to track, including the involvement of new whales, looking at what has been happening over the last few years.
Traders are confident that Bitcoin is up nearly 27% from the Q3 2024 lows. Although sellers are determined, buyers stand a chance as long as the coin trends above the $60,000 level. For now, traders are watching how the coin performs in the past day and week. It is stable in the previous week, amid flat engagement, standing at over $27 billion.
The following trending Bitcoin news events are worth watching:
- Despite the attempts of sellers to cap gains, new whales, onchain data reveals, have bought over $108 billion worth of the asset. At the same time, older whales have invested $113 billion. However, the realized cap of new whales will likely surpass those of older whales in the coming sessions.
- All spot Bitcoin ETF issuers in the United States currently control over $59 billion worth of the coin. The number is only expected to increase in the coming months, especially if the coin recovers.
Bitcoin Price Analysis
BTC/USD is steady, trading above $60,000.
Although the uptrend remains, there is a risk of the coin dropping, breaking below the support band of around $58,000 and $60,000.
For buyers to take charge, Bitcoin, on the other hand, must reverse all October 1 losses and break above $64,000.
Preferably, the breakout bar must be with rising trading volume, confirming gains of September.
In that event, BTC could easily float above $66,000 to over $70,000.
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