Bitcoin price attempted to close above $62,500, well above the intra-week low of $60,000, which shows that buyers are actively entering the market at low prices. Despite a relatively slow start to October, analysts believe that the market may show signs of improvement next.
One positive news for the crypto market is that the CME FedWatch tool shows that the Federal Reserve has a 97% chance of a 25 basis point rate cut on November 7, which may boost the risk sentiment in the market. At the same time, the number of Bitcoins held by centralized exchanges continues to decrease, which further reduces the liquidity of the market and may drive the price of Bitcoin higher.
From a technical perspective, Bitcoin rebounded from the 50-day moving average on October 4, showing that bulls are trying to form higher lows. If buyers can maintain the price above the 20-day moving average, Bitcoin may rush to $66,500 and even have a chance to break through $70,000. However, if the price falls below the 50-day moving average, there may be a larger correction to $57,500 or even the key support of $54,000.
Other strong performing cryptocurrencies have also attracted attention. For example, after Aptos (APT) broke through the inverted head and shoulders pattern, it is expected to hit the target price of $11. Dogwifhat (WIF) is running in an ascending triangle with a target price of $2.93. After Fantom (FTM) broke through the resistance of $0.55, it may rise further to $0.83. Bitget Token (BGB) showed a steady upward trend and may challenge the high of $1.22.
In summary, the market is gradually getting stronger, especially the performance of Bitcoin. If the Fed's expected rate cut is realized next, market sentiment may become more positive, pushing the price of Bitcoin and other altcoins further up. $BTC