Fears of market overheating are growing as Bitcoin [BTC] surged past the $68,000 benchmark, breaking a four-month losing streak, even as the RSI plummeted.

Therefore, trading just above this key level could signal a potential top for BTC. If this range is confirmed as resistance, the price could correct ahead, potentially forcing a mass capitulation. However,

Bitcoin's Surge — Sentiment More Important Than Fundamentals

First, it is important to consider that Bitcoin is heavily influenced by macroeconomic factors.

Now, a confluence of events — such as the post-halving rally, the looming election cycle, the “Uptober” craze, and the Fed’s rate cut — have combined to push Bitcoin to $68,000 in just ten days without any solid retracement.

This is important because while key technical indicators point to a short-term reversal, these macro factors could reinforce the belief of large holders that this is a key buying zone.

In other words, big players may still see this level as an opportunity and this psychological momentum could attract more buyers, fueled by increased FOMO as market sentiment heats up.

Supporting this is the increase in whale activity: addresses holding 1K–10K BTC have reached a 3-month high. The most recent major price surge came alongside a 5% daily price increase, pushing BTC above $66K.

Simply put, whales have played a key role in countering the bearish pressure. Since early October, their activity has reinforced AMBCrypto’s original hypothesis: macro factors are attracting large players.

Overall, this cycle seems to be driven by sentiment. So, despite attempts to short Bitcoin to the downside, the chances of a significant correction currently seem very low.

Buoyant Market Leads to $73,000 Road

Traditionally, the year of the halving has been a reliable indicator of when a bull run is likely to occur. Spikes in the 30-day average demand (marked in green) have always coincided with cuts in Bitcoin supply during halving events. These cuts in supply have typically led to long-term price rallies, resulting in outsized returns for all involved.

Interestingly, even when fundamentals don’t play out immediately, widespread expectations alone can trigger a breakout. This cycle is a prime example: the market was abuzz with expectations of a halving-driven rally, and as predicted, Bitcoin skyrocketed to $68,000 in an incredibly short period of time.

However, if whale activity continues in this bullish trend – which seems highly likely – Bitcoin could hit an all-time high of $73,000 before the end of Q4.

DYOR!#Write2Win #Write&Earn #Write2Learn