• Bitcoin price hits $66,000 as bulls clear more resistance
• Analysis asks if “Uptober” (strong October price gains) has begun for Bitcoin
• Historical data shows Bitcoin often rallies strongly in October leading into year-end
Bitcoin’s price has surged past $66,000 as bullish momentum returns to the market. The recent gains come as analysts wonder if the historically strong month of October for crypto, nicknamed “Uptober,” has officially begun.
Bitcoin Bulls Push Price Above $66K
The price of Bitcoin has gained nearly 5% over the past day, pushing above $66,000 for the first time in two weeks. The gains have come amid increased buying pressure from US and Asian traders, according to data from Cointelegraph Markets Pro and TradingView.
Exchange order book data shows Bitcoin whales have been scooping up coins at current levels. Popular analyst resource Material Indicators noted large buy orders eating through sell walls on Binance as BTC approached $66,000.
Key Support Levels Hold as Optimism Grows
In reclaiming the $66,000 level, Bitcoin has also regained several key support levels on higher timeframes. The crucial 200-day moving average and short-term holder cost basis have flipped back to support roles according to analyst On-Chain College.
There is growing optimism that the historically strong month of October may lift prices further. Trading firm QCP Capital noted similarities between this year and previous cycles where October marked the start of a strong Q4 performance.
Uptober Hopes Rising After Range-Bound Trading
October has produced average gains of 10% for Bitcoin since 2013. This contrasts sharply with modest moves so far this month. However, QCP Capital believes history may repeat itself, stating “today’s rally has definitely given the market a glimmer of hope just as Uptober optimism was fading.”
