Bitcoin (BTC) rose more than 8% last week, ending above $63,000, thanks to the recent interest rate cut by the US Federal Reserve.
After bouncing off the 50-Week Moving Average (MA), BTC is now testing a key resistance level above $64,000. Is this a sign of a bigger breakout?
Over the past two weeks, Bitcoin's rally has eased concerns about a broader cryptocurrency market decline.
The Bitcoin Fear and Greed Index climbed above 50% on Monday, indicating growing optimism. Investors are becoming more bullish on the possibility of a bull run.
Bitcoin Whales Increase Their Position
As geopolitical tensions rise, especially between NATO and the BRICS bloc, both Bitcoin and Gold are seeing increased demand.
Gold, which recently hit an all-time high of $2,630, could be paving the way for Bitcoin to follow.
On-chain data shows that Bitcoin âwhalesâ have significantly increased their positions. The supply of Bitcoin on centralized exchanges (CEX) has dropped to a multi-year low, from 2.7 million units in March to about 2.3 million today.
This trend is consistent with the bullish view on Bitcoin price in the coming months.
Over the past 30 days, more than 91,100 Bitcoins have been withdrawn from major exchanges like Binance and Coinbase Pro.
Meanwhile, US Bitcoin ETF issuers have accumulated nearly $800 million in BTC over the past two weeks, reflecting growing institutional interest.
Exciting Forecast for Q4
After a weak performance in Q3, Bitcoin is expected to recover strongly in Q4, with predictions that it could reach around $100,000 by the end of the year.
While a retest of the $55,000 support level is still possible, multiple indicators suggest that bulls are regaining momentum.
The weekly Relative Strength Index (RSI) has rebounded above the 50% level and has broken the descending logarithmic trend.
A consecutive close above the 200-Day Moving Average would push Bitcoin price towards the next key level around $69,000.
Do you think Bitcoin will hit $100,000 by the end of the year, or are bears lurking?
