- Bitcoin price gains 1.1% in 24 hours, fueled by bullish momentum and historical October tailwinds.
- RSI at 67.75 and a bullish MACD crossover hint at sustained upside, with BTC holding strong above key support at $117,500.
- Positive U.S. jobs data, ETF optimism, and a resilient uptrend from August lows bolster investor confidence.
Bitcoin price has risen 1.1% in the last 24 hours to trade at $119,622 as of 4:28 a.m. EST on a 14$ drop in trading volume to $64.4 billion. The price increase comes as BTC kicks off October with a bang, teasing investors with visions of fresh all-time highs after a rollercoaster September.
With “Uptober”, that magical month known for green candles, now underway, traders are buzzing. Could BTC smash its record above $124,000 set earlier this year? The charts say yes, but not without some hurdles.
Bitcoin Price Approaches Previous ATH As October Kicks Off
This optimism echoes in fresh analysis that breaks down September’s brutal liquidation wave, in which BTC plunged below $112,000, wiping out $44 billion in open interest. But the bloody markets spotted silver linings: Stabilizing sentiment, potential ETF inflows from Vanguard’s nod, and a CME gap between $110,500 and $111,300 begging to be filled.
Historically, October delivers 22% average gains, and investors are betting on a “big move up” in Q4, eyeing new highs if risks like overleveraged longs stay in check.
Broader market winds are tailing too. U.S. jobs data beat expectations, easing recession fears and boosting risk assets. Ethereum’s ETF approval rumors add fuel, while altcoins like Solana eye 20% pops. But watch the FOMC minutes next week; any hawkish tilt could cap the rally.
Bitcoin Price Eyes Quick Jump to $125,903
Looking at the 12-hour BTC/USD chart, it’s a classic tale of resilience. Back in late August, Bitcoin dipped to around $107,270, shaking out weak hands amid broader market jitters. But by early September, buyers stepped in, pushing prices up through a series of higher lows.
Now, the price of BTC is hovering near $120,000, with a recent high of $124,517 flashing like a beacon just out of reach.
Analyzing the chart further, thick green candles have dominated the recent weeks, breaking past key support at $115,000 and testing resistance bands around $122,000 to $130,000. Those shaded Fibonacci retracement zones – light blue for minor pullbacks, beige for stronger walls – highlight where sellers might pile in.
Yet, the uptrend line from August’s bottom holds firm, sloping gently upward. Volume spiked in the recent push from $107,270 to $120,000, signaling real conviction behind the move, but has slightly dropped on Thursday night, signaling partial profit taking by traders.
If BTC closes above $120,645 (today’s open), it could ignite a breakout toward that dreamy $130,000 mark.
Momentum Indicators Show Bullish Bias
Zooming in on the indicators, and the bull case strengthens. The Relative Strength Index (RSI) sits at 67.75 – pumped but not overheated, leaving room for more upside without screaming “sell.” It’s bounced off the 50 level twice lately, a sign of building momentum.
Down below, the MACD is firing on all cylinders. The MACD line (blue) crossed above the orange signal in late September, and the histogram bars are stacking green. That divergence from price suggests bullish continuation.
For now, Bitcoin’s chart paints a hot October starter. If it holds $117,500 support, new ATHs for BTC aren’t a pipe dream, they’re a probability.
Disclaimer: The facts and analysis presented here are only for informational purposes. Readers should not interpret the content of this article as financial advice or product recommendations.
