End of ‘Uptober’ targets $40K BTC price — 5 things to know in Bitcoin this week
Bitcoin is maintaining its position at higher price levels, signaling a crucial week ahead for the entire cryptocurrency market. Despite facing resistance around the $36,000 mark, Bitcoin has held strong, with several attempts to breach this level. On-chain analysis reveals changing dynamics, with support liquidity decreasing, particularly in the range of $34,500 to $34,000. The order book on Binance shows additional sell liquidity around $36,000, making it a significant hurdle. The psychological barrier of $40,000 remains a key level for bulls. Traders are closely watching the $34,000 level as a potential battleground, where a clash between buyers and sellers could replicate the dynamics of a short squeeze. The $35,000 and $35,700 levels are identified as clear liquidation clusters, suggesting a potential squeeze if breached. Analysts present contrasting perspectives on Bitcoin's short-term price movements. Some emphasize the need for spot bidders to support further upside, while others remain cautiously optimistic, expecting limited downside even in a bearish scenario. The coming days are expected to provide clarity on the direction of Bitcoin's price movement. Longer-term perspectives continue to favor bulls, with year-end targets projecting $45,000 or higher. The upcoming block subsidy halving is considered a positive factor contributing to overall optimism in the market. Traders and investors are advised to monitor key support and resistance levels to navigate the evolving market conditions.
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Bitcoin begins the week at comfortable highs, with its highest weekly close since early May 2022. Despite facing resistance around the $36,000 mark, Bitcoin has maintained a strong position above $30,000, avoiding a deep retracement after last week's 15% gains.
As Bitcoin enters the final week of October, potential volatility catalysts are emerging, including geopolitical instability in the Middle East and the U.S. Federal Reserve's decision on interest rate adjustments on November 1. Bitcoin's network fundamentals are at or near all-time highs, supporting its positive outlook.
Traders are closely watching the RSI behavior, with optimism prevailing as the RSI hits higher highs on weekly timeframes. Some analysts predict a breakout toward $40,000, emphasizing the strength of the recent rally. However, concerns about a potential return to $20,000 are still present, with some considering it a "worst-case scenario." The coming days will provide more clarity on Bitcoin's price direction.
Despite potential headwinds, Bitcoin remains resilient, consolidating near $34,000, and maintaining bullish momentum. As October concludes, traders will assess whether "Uptober" retains its bullish status. The Crypto Fear & Greed Index is in the "greed" category, matching levels seen in November 2021, signaling potential trend changes in price action. The overall sentiment remains positive, with Bitcoin's network fundamentals showing increased hash rate and mining difficulty.
