Bitcoin (BTC) surged and reached nearly $64,000 after positive employment data was released in the United States last week. Bitcoin began to recover after the US released its monthly employment report on Friday. The report said that 254,000 new jobs were created in September, exceeding the Dow Jones estimate of 150,000 jobs. “The optimism is growing, suggesting that the US economy is now in peak condition,” said Min Jung, an analyst at Presto Research.

BTC, which had been gaining momentum due to the approaching US presidential election, has now turned bullish. Positive macroeconomic data continues to support the rise. So what do crypto analysts think?

“Bitcoin's Rise Will Accelerate!”

Rachel Lucas, a crypto analyst at BTCMarkets, said the increased liquidity comes as market sentiment improves and expectations grow that the US Federal Reserve will deliver another rate cut in November.

Lucas explained that another factor supporting Bitcoin’s rise is the decline in the number of Bitcoins held on central exchanges, which is often associated with increased price volatility due to reduced selling pressure in the market.

“To sustain this rally, Bitcoin needs to break the key resistance level at $64,500,” Lucas added. “Once this level is broken, we could retest $66,000.” Both Lucas and Presto’s Jung said geopolitical tensions in the Middle East pose a significant risk to the sustainability of Bitcoin’s recent surge.

The popular analyst believes that although October started slowly, Bitcoin will rally rapidly after gaining momentum.