30s Summary

Bitcoin’s price surged on Oct. 12, nearing $63,500, a 1.5% increase in a day, following a strong Wall Street trading session. Despite new US inflation pressures, Bitcoin maintained its position. Skew, a well-known trader, noted that Bitcoin achieved relative strength index (RSI) scores over 50 and increased demand, investing its potential for an upward surge. Material Indicators presented two potential Bitcoin price increase goals nearing $65,000. Trader Michaël van de Poppe anticipates the favorable conditions will continue, predicting a consolidation period followed by a big jump next week. Bitcoin analytics account Bitcoindata21 also made a similarly positive forecast.

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Bitcoin’s price soared to multi-day highs on Oct. 12, in a similar pattern to the previous weekend’s climb. The data, obtained from Cointelegraph Markets Pro and TradingView, indicated that Bitcoin was nearing $63,500, a 1.5% increase for the day.

This came about following noticeably strong headway during Oct. 11’s Wall Street trading session, after Bitcoin tested the $60,000 support mark for the majority of the week. Even with new US inflation pressures, Bitcoin didn’t falter as some people were betting less on future interest rate cuts.

According to well-known trader Skew, Bitcoin had made a “natural reversion” since it didn’t break down after the initial low was swept. He further highlighted that Bitcoin had achieved relative strength index (RSI) scores above 50 and increased demand, both essential for an upward climb. He strongly believes that the monthly and weekly open will be quite decisive, especially for those looking for another chance at $65k.

The data from Material Indicators, a trading resource, showed two potential Bitcoin price increase goals nearing the $65,000 mark. They stated that their FireCharts were showing Bitcoin support growing above $63k and appeared as if supporters are ready to challenge the 200-Day Moving Average.

Despite the unpredictability of weekend Bitcoin price increases, trader Michaël van de Poppe believes that the favorable conditions will carry on into next week. He summarized that “Bitcoin took the liquidity beneath $59.5k and quickly ran up.” He forecasts a few days of consolidation before the next big jump next week, with a breakout point at $64k / $65k, which many hope will lead to new all-time high tests and altcoin runs.

Bitcoindata21, a Bitcoin analytics account, also made a similarly optimistic forecast which aligns with previous bull market behaviors. They stated that once the trend line of major US dollar stablecoins relative to Bitcoin breaks downwards, Bitcoin is set to skyrocket.

Source: Cointelegraph