Bitcoin price hits $66K as analysis asks, ‘Has Uptober begun?’

Bitcoin bulls are wasting no time in driving a robust rebound, which has now propelled BTC price gains to over 3% in the first weeks of October.

Following the Wall Street opening on October 14, Bitcoin briefly touched the $66,000 mark, a significant milestone in the ongoing upward trend. This impressive surge was largely fueled by intensified whale-buying pressure, as large-scale investors doubled down on their positions. The influx of these institutional buyers added even more momentum to the already buoyant crypto markets, sparking optimism for continued gains as October progresses.

Bitcoin’s price surge has pushed the market past the $66,000

Data from TradingView revealed BTC gaining close to 5% in a single day. Building on the momentum that began late last week, BTC/USD soared to two-week highs as U.S. buyers fueled the rally, following strong bidding during Asia’s trading session.

According to trading resource Material Indicators, Bitcoin whales are once again making substantial purchases at these elevated levels. Analyzing exchange order book liquidity on X, the platform noted: “Bitcoin whales are buying again.” Their commentary added, “Watching to see if brown Mega Whales step in with another sizable market order to breach the sell wall at $65.5k.” The involvement of large-scale investors continues to bolster market optimism as Bitcoin flirts with further gains.

As Bitcoin surged toward $66,000, it swiftly regained critical trend lines, transforming them into robust support on daily timeframes. Prominent analyst On-Chain College highlighted that the 200-day moving average, along with the short-term holder cost basis—two vital indicators for sustaining a bull market—had once again assumed their roles as strong support levels. This reinforces the bullish sentiment, providing the market with solid technical foundations for continued upward momentum.

As Bitcoin marches toward the $66,000 mark, it swiftly reestablishes crucial trend lines as support on daily timeframes. Popular analyst On-Chain College highlighted that both the 200-day moving average and the short-term holder cost basis—vital indicators for a bullish market—are now likely to serve as support once more. “Has Uptober begun?!” it provocatively asked.

Cointelegraph previously reported that the $65,000 level is critical for bulls to convert into solid support, facilitating a sustainable, long-term trend shift. Renowned trader Skew echoed this sentiment, labeling the current spot price range as highly consequential. “It’s quite important for the market to break and maintain levels above approximately $65K,” he conveyed to his followers.

Renewed Uptober Optimism

Trading firm QCP Capital expressed hope for improved market strength moving forward. In a recent bulletin to their Telegram channel subscribers, QCP stated that while numerous factors could impact Bitcoin’s price action, historical trends suggest a robust finish to October and a promising end to the year.

Reflecting on 2016, QCP noted, “Bitcoin was locked in a narrow range for over three months. It wasn’t until three weeks before the U.S. Election Day that Bitcoin started its rally from $600, ultimately doubling its value by the first week of January.” Similarly, they pointed to 2020, where Bitcoin lingered in a dull range for six months, only initiating its ascent from $11K just three weeks prior to the U.S. Election Day, peaking at $42K by January.

Cointelegraph previously observed that average gains for October since 2013 have reached 23%—a figure still exceeding the performance seen in 2024 thus far. QCP pondered, “After months of trading within this range, will history repeat itself? Today’s rally has certainly sparked a flicker of hope as Uptober optimism begins to fade.”