Bitcoin Slams Through $65K: 4 Reasons Why 'Uptober' Is Back On The Table

Bitcoin BTC/USD has broken the $65,000 mark, trading at $65,840 at the time of writing, up 5.4% over the past 24 hours.

What Happened: Crypto trader Stockmoney Lizards has turned bullish, noting that while many are anticipating further lows, they may soon be left behind due to several indicators:

• Bull Market Bottom: Bitcoin is in a bull market, having experienced a 90% pump in February and March. The price has since cooled down and retraced to the 0.618 Fibonacci Retracement, typically marking the bottom in a bull market.
• Market Structure Change: There has been a subtle change in market structure, with Bitcoin forming two consecutive higher lows and a double bottom at $59,000 last week.
• Short-Term Bullish: The daily candle pushed above the point of control, indicating a short-term bullish trend.
• Macro Factors: The upcoming U.S. elections and further interest rate cuts could contribute to a bullish outlook and change in market structure.

The trader concluded that “Uptober” is still in play.

Also Read: Bitcoin Closes In On $65K As ETFs See Over $400M In Net Inflows

Why It Matters: Crypto trader Jelle, in his latest tweet, compared the Bitcoin's current price pattern to 2023 levels, saying the crypto king reclaimed the 200-week EMA in the second week of October 2023 before a big uptrend. The same pattern may be playing out now.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: 

• Bitcoin’s ‘Uptober’ Upswing Will Resume Soon: JPMorgan

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