As the "Uptober" trend begins, the Bitcoin market is accelerating. Over the past few days, Bitcoin has steadily recovered, rebounding from the bearish phase in September. The price is now holding above $65,000, with various indicators showing mixed signals. A slight pullback may occur before the expected Uptober rally next week.
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### Bitcoin Enters a Bullish Phase
As Bitcoin's price broke through the resistance level in the past few hours, the liquidation volume has surged significantly. Data from Coinglass shows that positions worth nearly $90 million were liquidated in the past 24 hours, with sellers accounting for about $83 million. This indicates that selling confidence is declining as Bitcoin suggests it will continue its "Uptober" rebound.
Data from IntoTheBlock shows that Bitcoin's NVT ratio (network value to transaction volume) has spiked significantly, rising from a low of 33 to 208. This suggests that the surge in network value is disproportionate to the trading volume. The sharp rise in Bitcoin's price has not been accompanied by an increase in investor activity, indicating that the asset may be overvalued. This could lead to a sharp price drop before any strong recovery occurs.
The crypto community has been eagerly awaiting "Uptober," a term used for October as it is typically a month of gains. Although no significant price increase has materialized yet, the surge in Bitcoin's price today suggests that a more sustained uptrend may finally be starting.
### What's Next for Bitcoin's Price?
Bitcoin has broken above the 20-day exponential moving average (EMA) of $63,517, but the bulls have failed to keep the price above the crucial $66,000 resistance level. Currently, the bears' target is to break below the immediate Fibonacci channel. As of the time of writing, Bitcoin is trading at $65,554, surging over 2.3% in the past 24 hours.
The sellers are now trying to pull the price back below the 20-day moving average. If successful, the BTC/USDT pair could drop to the 50-day simple moving average (SMA) of $61,000. The support area between the 50-day moving average and $60,000 is crucial for the bulls, as a break below this level could pave the way for a drop to $57,500.
However, if the price strongly holds above the 20-day moving average, it would suggest that the bulls are maintaining momentum. In this case, the pair could rise to $69.2k. While this level may act as a strong resistance, if the bulls overcome it, the uptrend could extend to $74,000.
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