bullish

Skyrocketing

Bitcoin

<p>Bitcoin continues its rise and today crosses a new symbolic threshold by reaching $68,000. This spectacular progression, which followed a hesitant start to the month, confirms the bullish momentum that is driving the crypto market at the moment. Analysts are wondering: is this rise the beginning of “Uptober,” as some anticipated?</p>
<h2 id="h-sortie-de-triangle-et-fin-de-l-accumulation-des-signaux-clairs-de-reprise">Exit of the triangle and end of accumulation: clear signals of recovery</h2>
<p>Technical analysis in recent days offers encouraging signs. <a href="https://www.cointribune.com/en/bitcoin-continues-its-rebound-and-reaches-again-66000-analysis-of-october-15-2024/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin has recently crossed a charted formation</a> in a triangle, a consolidation pattern where prices gradually tighten between a line of resistance and a line of support.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://coinbase-consumer.sjv.io/c/2801338/552039/9251" target="_blank" rel="noopener noreferrer nofollow">Your 1st cryptos with Coinbase</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<p>This movement is often the precursor to a strong directional phase. By breaking through the upper resistance line, BTC has opened the way to a significant bullish potential, and the exit of this zone indicates an end of the accumulation period, marked by massive capital entry into the market.</p>
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="511" src="https://www.cointribune.com/app/uploads/2024/10/BTCUSD_2024-10-16_14-31-46-1024x511.png" alt="" class="wp-image-736142" srcset="https://www.cointribune.com/app/uploads/2024/10/BTCUSD_2024-10-16_14-31-46-1024x511.png 1024w, https://www.cointribune.com/app/uploads/2024/10/BTCUSD_2024-10-16_14-31-46-300x150.png 300w, https://www.cointribune.com/app/uploads/2024/10/BTCUSD_2024-10-16_14-31-46-768x383.png 768w, https://www.cointribune.com/app/uploads/2024/10/BTCUSD_2024-10-16_14-31-46.png 1534w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  BTC/USD
 </figcaption>
</figure>
<p>This triangle formed in a key area of value, coinciding with a Fibonacci retracement and the 200-day moving average, two technical indicators often used to assess the trend.</p>
<p>The combination of these factors added credibility to this rebound, supported by increased demand from institutional investors.</p>
<p>Today’s continued rise confirms this trend, with Bitcoin now well above $68,000 and seemingly ready to test new resistances.</p>
<h2 id="h-uptober-en-vue-la-dynamique-haussiere-se-renforce">Uptober in sight? The bullish momentum is strengthening</h2>
<p>Traders and investors often talk about “Uptober” to refer to a traditionally favorable period for Bitcoin increases.</p>
<p>And this year seems no exception. With inflows of over $500 million into Bitcoin ETFs over the past 24 hours, the crypto market is showing signs of optimism. The technical indicators also confirm this positive energy: oscillators, like the <a href="https://charts.bitbo.io/monthly-rsi/" target="_blank" rel="noopener noreferrer nofollow">RSI</a> and MACD, show moderate overbought signals, indicating that the buying pressure remains strong without reaching excessive levels.</p>
<p>The exit from the triangle and the end of the accumulation phase allow clear resistance levels to be targeted for the coming days. If it stays above $68,000, Bitcoin could test $70,000, with the potential to continue towards $72,000 if the volume remains in line with this dynamic. This progression is also supported by positive funding rates on BTC perpetual contracts, showing a well-established buying sentiment among speculators. Additionally, <a href="https://www.cointribune.com/en/?p=736102" target="_blank" rel="noopener noreferrer nofollow">Bitcoin liquidity has exploded to 76%.</a></p>

The Price Of Bitcoin Is Skyrocketing And Surpasses $68,000!

Table of Contents

Cointribune EN

Other articles published on Oct 17, 2024

Ethereum Aims to Boost Transaction Capacity

Robinhood Launches Bitcoin and Ethereum Futures

Chainalysis to appear in court over $650M defamation suit

Radiant Capital Suffers $50M Loss in Major Cyberattack, Users’ Funds Drained

Scroll to Launch Native Token, SCR, with Airdrop on October 22: Details

Grayscale Files to Convert Digital Large Cap Fund into Mixed Crypto ETF

Join our free newsletter for daily crypto updates!