30s Summary

Bitcoin (BTC) recorded an impressive $66,000 after the opening of Wall Street on October 14, largely driven by high-rolling investors known as ‘whale’ buyers. Reports suggest that Material Indicators, a trading resource, noticed these buyers re-entering the Bitcoin market. Notably, Bitcoin regained key trend lines including the 200-day moving average and the short-term holder cost basis, suggesting a likelihood of a bull market. The current trend also aligns with historical data, showing an escalation of BTC prices weeks before the US election and continuing until January.

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Bitcoin, also known as BTC, hit an impressive $66,000 after the Wall Street open on October 14, with a lot of the boom coming from ‘whale’ buyers – basically, high-rolling investors – driving up the crypto markets. So, BTC ended up seeing a nearly 5% gain that day.

BTC kept up the momentum from the previous week and was pretty close to hitting a two-week high. This was partly thanks to the United States ramping up the bidding, which really started kicking off during the day’s Asia trading session.

Material Indicators, a trading resource, noticed these ‘whale’ buyers were getting back into Bitcoin at the current levels. They commented they were waiting to see if any other ‘mega whales’ were going to jump in with a huge market order and push past this sell wall at $65.5k.

As BTC was quickly heading to $66,000, Bitcoin managed to regain key trend lines as support on daily timeframes. This meant that things like the 200-day moving average and the short-term holder cost basis, which provide key support levels for a bull market, were likely to serve as support again.

Cointelegraph previously reported that $65,000 was crucial for the bulls to regain in order to sustain a longer-term trend change. Popular trader Skew agreed, noting the current price range to be vitally important, saying, “Quite the important overhead here for market to break & sustain above ~ $65K.”

QCP Capital is hopeful for even more market strength in the future. In their latest update to Telegram channel subscribers, QCP argued that while there could be plenty of factors influencing BTC price action, history was on the side of a strong finish to October and the rest of the year. Looking back to 2016 and 2020, BTC seemed to start rallying just a few weeks before the US Election day and kept escalating until January.

So, after months of trading, could we see the same history repeating itself? QCP thinks it’s totally possible, especially with today’s rally giving a new spark of hope to the market.

Just a heads up though, every investment and trading move comes with its own risks, so make sure you do your own research before making a decision.

Source: Cointelegraph