Bitcoin lays bullish foundation
As Bitcoin price broke through resistance in recent hours, the number of liquidations surged. Data from Coinglass shows that nearly $90 million worth of positions were liquidated in the past 24 hours, with sellers accounting for about $83 million. This indicates a decline in selling confidence as Bitcoin hints that it will continue its "Uptober" rally.

Data from IntoTheBlock shows that Bitcoin's NVT ratio has surged significantly, climbing from a low of 33 to 208. This suggests that the surge in network value is too large compared to transaction volume. The sharp rise in Bitcoin's price has not been accompanied by an increase in investor activity, which suggests that the asset may be overvalued. This could cause the price to fall sharply before a strong recovery occurs.

The cryptocurrency community has been looking forward to “Uptober,” a term used to describe the month of October, which is typically a month of strong gains. While there haven’t been any major price increases yet, today’s surge in Bitcoin prices suggests that a more sustained rally may have finally begun, as experts and traders have predicted.

Michaël van de Poppe had previously predicted that the consolidation phase of Bitcoin would end. On Sunday, he tweeted that Bitcoin had tested the $62,000 level and expected the consolidation to end in one to two days. He noted that a successful test of the $64,000 mark could trigger a major breakout in the price of BTC. Surprisingly, his prediction came true today as Bitcoin reached the $64,000 range.

What will be the next trend of BTC price?
Bitcoin broke above the 20-day exponential moving average (EMA) at $63,517, but the bulls could not sustain the price above the critical resistance at $66,000. Currently, the bears are aiming for a break below the direct Fibonacci channel. As of this writing, Bitcoin price is $65,784, having surged more than 4.8% in the past 24 hours.

The sellers are now trying to pull the price back below the 20-day EMA. If successful, the BTC/USDT pair could drop to the 50-day simple moving average (SMA) at $61,000. The support area between the 50-day SMA 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 holds firm above the 20-day EMA, it will suggest that the bulls are maintaining the momentum. In such a case, the pair could rally to $692,000. Although this level could act as a stiff resistance, but if the bulls overcome it, the uptrend could extend to $74,000