Bitcoin is currently trading at $62,255.65, having increased by 2% over the past week. While the market saw some volatility before the weekend, Bitcoin has slightly recovered as the week progresses. Analysts are watching closely, suggesting that $63,000 could be a critical support level that might pave the way for another upward surge.
In recent trading, Bitcoin spiked at the weekly open, creating two significant long liquidation levels due to high leverage positions. These levels aligned with last week’s equilibrium (pwEQ), but Bitcoin faced resistance as sell orders (ask side) outnumbered buy orders, leading to a price pullback. This retracement has brought Bitcoin back to key levels, with the liquidation points and pwEQ now serving as potential bounce areas for the price.
The bid-ask ratio has recently shifted in favor of demand, with more buy orders placed within 2% of the current price. This suggests that if Bitcoin continues its upward momentum, entry points around $62K to $63K could offer good returns.
Analysts are optimistic about Bitcoin’s performance in October, commonly referred to as “Uptober” for its historical bullishness. Prominent cryptocurrency analyst Ali Martinez notes a surge in the Taker Buy/Sell Ratio on the OKX exchange, signaling increased aggressive buying. This indicates that Bitcoin could be preparing for an upward move.
While uncertainty remains, many are predicting a strong finish for Bitcoin this month. Historically, the latter half of October tends to be bullish, and some forecasts suggest that once Bitcoin surpasses $63,000, it could remain above that level and potentially climb to as high as $79,208 by the end of the month.
