TLDR:
- Bitcoin price surged past $66,000, reaching two-week highs
- Whale buying pressure fueled the price increase
- Bitcoin reclaimed key support levels like the 200-day moving average
- Historical patterns suggest potential for continued gains in October and Q4
- BTC spot ETFs saw $257 million in inflows on October 14
Bitcoin’s price made a strong comeback on October 14, 2024, surging past $66,000 and rekindling hopes for what crypto enthusiasts call “Uptober.”
The leading cryptocurrency saw gains of over 5% in a single day, pushing its price to levels not seen in two weeks.
The rally began during the Asian trading session and gained momentum after the Wall Street open. Data from cryptocurrency exchanges showed increased buying pressure from large investors, commonly known as “whales.” These big players were observed placing substantial buy orders, helping to drive the price upwards.
As Bitcoin’s value climbed, it reclaimed important technical levels that are often watched by traders. The 200-day moving average, a key indicator of long-term trends, was surpassed. Additionally, the short-term holder cost basis, which represents the average price paid by recent buyers, was also overcome. These developments are seen as positive signs by market analysts.
The surge in price coincided with significant inflows into Bitcoin spot Exchange-Traded Funds (ETFs). On October 14 alone, these investment products saw $257 million in new money, indicating growing institutional interest in the cryptocurrency.
Historical data suggests that October has typically been a strong month for Bitcoin. Since 2013, the digital asset has averaged gains of 23% during this month. While the current increase falls short of that mark, it has reignited optimism among investors who were concerned about the slow start to the month.
The broader cryptocurrency market also benefited from Bitcoin’s upward movement. Ethereum, the second-largest cryptocurrency by market cap, saw its price rise to $2,595. Solana, another popular digital asset, reached $155 per coin.
This price action comes after a period of consolidation for Bitcoin. The cryptocurrency had been trading in a relatively tight range for several months, similar to patterns observed in previous years before significant price rallies. Some analysts draw parallels to 2016 and 2020, when Bitcoin saw major price increases in the months following the U.S. presidential elections.
From a technical analysis perspective, Bitcoin faces resistance around the $66,849 level. Closing above this price on weekly charts could signal a breakout from a descending channel pattern, potentially paving the way for a move towards its all-time high of $73,777.
On-chain data suggests that retail investors and small-scale holders have been consistently accumulating Bitcoin since the beginning of October. This contrasts with the behavior of larger investors, who have been reducing their holdings during the same period.
As “Uptober” continues, market participants will be closely watching to see if Bitcoin can maintain its momentum and challenge its previous all-time highs in the coming weeks.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
