Bitcoin rallied to $66,300 today, but definitive proof of a structural trend change remains in question.
Bitcoin news
Bitcoin’s rise above $66,500 could open the doors for a rally to new highs and altcoins look set to follow.
Bitcoin bulls waste no time continuing a rebound, which has now delivered BTC price gains of over 3% for October.
Bitcoin price is up today, but the bull’s ability to hold the 200-day SMA support could determine where BTC goes next.
Bitcoin analysts have become optimistic about the asset’s price amid its surge beyond $64,000, with some believing the “summer lull is behind us.”
According to CoinShares, last week’s increase in crypto investment products was influenced by the upcoming US elections rather than monetary policy outlooks.
Bitcoin starts the week with a push toward BTC price resistance as $65,000 becomes the key level to flip.
Samara Asset Group CEO Patrick Lowry said “it would be a dream” to stack as much Bitcoin as MicroStrategy co-founder Michael Saylor.
MicroStrategy stock trades at a premium to its Bitcoin holdings mainly due to its leveraged strategy and cash flows from its software business.
Bitcoin has reached its highest price so far in October, surging above $64,000 early on Oct. 14 and liquidating over $52 million from those betting its price would fall.