bullish

Revive

Bitcoin

Hope

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin bulls are aiming for a $64K target, with $68K as the next resistance level.</li>
 <li>The current Bitcoin cycle closely mirrors the early August trend, with a rise to $64K after a drop below $55K.</li>
</ul>
<p>Bitcoin bulls have set their sights on the $64K mark, a significant level last reached during the late August rally, making it a pivotal moment. To prevent a repeat of past downturns, bulls need to counter any bearish pressure. If successful, the next resistance could emerge around $68K.</p>
<h2 id="bitcoin-s-bull-run-depends-on-64k">Bitcoin’s Bull Run Depends on $64K</h2>
<p>The current cycle bears a striking resemblance to the early August trend, with <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> rising to $64K after retracing below $55K. However, the 18-day surge then was marked by inconsistent bearish pressure.</p>
<p>In contrast, while this cycle shows more consistent green candles, the growth rate is less steady, causing volatility among stakeholders. As a result, ongoing volatility has kept Bitcoin from retesting $64K, currently trading at $63,543 – marking the fourth consecutive day below this benchmark.</p>
<p>The $64K mark has been a critical turning point for Bitcoin. While volume indicators suggest a bullish trend, the real challenge lies in whether other investors will back a breakout or if bears will again block Bitcoin’s ascent.</p>
<h2 id="current-price-may-be-out-of-reach">Current Price May Be Out of Reach</h2>
<p>Over the past two days, Bitcoin trading volume on CEXes has dropped from $17B to $6B. This sharp drop could increase volatility, shaking investor confidence in a potential trend reversal.</p>
<p>Reduced exchange activity could imply two possibilities: either investors are cashing in on gains from the September cycle, or they are waiting for a dip to buy Bitcoin at a lower price. If this trend continues, it could set the stage for a resurgence of positions shorting Bitcoin.</p>
<h2 id="there-might-still-be-hope">There Might Still Be Hope</h2>
<p>As the most volatile month comes to a close, the potential for “Uptober” could signal a bullish turning point for the market. On the day Bitcoin experienced a minor 0.37% decline, the RPL ratio dropped, indicating losses. However, since then, a majority of transactions have occurred higher than the original acquisition price.</p>
<p>Large transaction volumes have surged, with transactions exceeding $100K seeing significant activity. Bulls are pushing against the resistance that has kept Bitcoin below the $64K benchmark. Currently, the sharp decline in CEX volume is reinforcing short dominance, acting as a barrier.</p>
<p>However, if the market stabilizes, as evidenced by sellers realizing profits, FOMO could incentivize a longer-term commitment. Monitoring CEX volume alongside speculative market activity is crucial. Their dominance may push Bitcoin back below $60K if unchecked.</p>

Can BTC’s ‘Uptober’ Bull Run Revive Bitcoin’s Fortunes?

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CoinEagle.com

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