Is Bitcoin’s october beginning, or will today’s BTC rally end with more of the same?
Bitcoin rallied to $66,300 on Oct. 14, but definitive proof of a structural trend change remains in question.
Bitcoin price opened the week with a strong push to $66,300, but will bulls be able to maintain the current momentum?
For the past seven months, a majority of Bitcoin
tickers down
$66,263
price rallies have been capped at overhead resistance, most recently the $65,000–$66,000 level where the price has yet to secure a daily close.
Oct. 14’s price rally puts Bitcoin in a similar scenario where the descending channel’s trendline was briefly breached, but it’s yet to be determined if BTC will close the day firmly above the channel resistance.
Similar to previous rallies, the price break out was partially driven by the futures markets, and the activity is easy to pinpoint by the surge in the funding rate and open interest accompanying BTC’s pop to $66,300 as short traders became forced buyers.
