Bitcoin (BTC) started the week strong: Uptober effect is increasing!

Bitcoin ($BTC ), which started the new week with an increase, is increasing its bullish signals.

BTC, which has been showing sideways price movement for the last few days, took the wind behind it with the weekly close. Bitcoin, which tested a critical resistance level of $ 64,500 during the night hours, retreated to the $ 63,800 band. Despite the resistance zone not being overcome in a single go, the admiral of cryptocurrencies, which is on an upward trend, gave confidence to investors.

As of the writing of the news, BTC, which found buyers at $ 63,867, may test the levels of $ 56,602 - $ 52,614 and $ 50,580 respectively if it loses the $ 60,000 support zone. News flow regarding the Israel-Iran tension will play an important role in this process. A new wave of sales may come in cryptocurrencies with the tension in the Middle East. Weekly closings below the recently tested low of $52,614 could lead to momentary declines to the $40,000-$42,000 band.

If the chaos in the Middle East calms down, the US presidential elections have a positive impact on the market, or BTC makes weekly closings above $63,000, the $64,758-$67,091-$70,500 and $73,684 levels could be targeted, respectively. In such a scenario, the $70,500 level will be important. Weekly closings above this level will further strengthen the bull run in Bitcoin.

In order to observe an increase in the altcoin market, Ethereum's performance and BTC dominance will be important. If ETH holds above $2,500 or $BTC dominance declines to 50 percent, the altcoin bull may begin.

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