Bitcoin Rockets, BTC Bulls Targeting $70,000: Is The “Uptober” On?

Bitcoin is on fire at press time, printing a mega bull bar. After yesterday’s impressive performance, the short- to medium-term trend has been defined and made clear on the daily chart. As it is, bulls are back in the equation. The close above $64,000, backed by expanding trading volume, as seen in the daily chart, means that the breakout was not only decisive but could anchor the next leg up. From this formation, traders can consider aligning with the trend with optimistic targets at $70,000, $72,000, and an all-time high. If this move higher is sustained, then it could be the much-needed continuation of the “uptober,” where the coin tends to close firmly.

From the daily chart, buyers are back in contention, shaking off weakness. Most importantly, after weeks of doubts, the coin is back above $64,000 and inching closer to $66,000. The expansion saw the coin add nearly 3% yesterday, stretching gains to 5% in the previous week. At the same time, the average trading volume is up, soaring to $40 billion.

The following Bitcoin trending news events are worth tracking:

• As Bitcoin prints higher, supply is dwindling on exchanges. According to trackers, BTC reserves are at a five-year low and might drop if the coin extends gains.
• While MicroStrategy stock is outperforming other S&P 500 companies, Samara AG wants to follow the business intelligence firm’s path in the United States. The German firm issued a $30 million bond to buy Bitcoin and invest in funds.

Bitcoin Price Analysis

BTC/USD is flying following yesterday’s sharp gains.

Technically, every low might offer traders entries with first targets at $70,000 and $72,000.

For this outlook to work, the leg up must be rising trading volume. In that case, the possibility of the coin defying gravity and aligning with September gains will be high.

Looking at the current state of price action, immediate support is at $64,000, while the next feasible target—going at this rate—is March highs.