Bitcoin price currently sits at $65,975, up 5% on Monday following increased demand since April. It is approximately 12% away from its all-time high of $73,777. Significant resistance exists at $66,849, which Bitcoin must surpass to secure a bullish breakout. Retail accumulation and favorable technical indicators enhance the likelihood of a price recovery towards historical highs.

The current Bitcoin price stands at $65,975, after witnessing a solid gain of 5% on Monday, reflecting a surge in demand for Bitcoin (BTC) that has notably ramped up since April 2024. This is underscored by significant inflows into Bitcoin Spot ETFs, which totaled $257 million as of October 14. Bitcoin is currently situated just under $66,000, which is approximately 12% short of its all-time high of $73,777. For BTC to facilitate an upward breakout from its existing descending channel, it is critical that it closes the week above $66,849. This level is identified as a key resistance point that has been consistently tested over the past six months. Analyses from crypto intelligence sources, including CryptoQuant and Santiment, suggest a robust accumulation of BTC among retail investors and smaller wallets since early October alongside a decline in holdings by larger wallet investors. This shift indicates strong retail interest may create substantial buying pressure, thus fostering potential price increases. Further technical indicators show Bitcoin is at a pivotal point. On the weekly time frame, the Moving Average Convergence Divergence (MACD) points to waning negative momentum, suggesting buyers may soon gain control. The Relative Strength Index (RSI) reads at 56, indicating Bitcoin is above neutral but not yet in overbought territory. On the daily time frame, positive momentum is similarly suggested, with the RSI hovering around 63. Failure to close above the recent low of $62,457 could jeopardize the bullish outlook for Bitcoin and lead to liquidity being collected in a price range between $61,321 and $62,457. The observation of growing demand for Bitcoin, particularly from retail investors, coupled with the technical breakout potential, presents a scenario for BTC to recover towards its all-time highs in the near term.

Bitcoin, the preeminent cryptocurrency by market capitalization, operates independent of any central authority, making it a decentralized form of value exchange. Its price is influenced by various factors, including market demand, trading volumes, and broader economic trends. Recent months have witnessed increased interest in Bitcoin, especially regarding cryptocurrency investment vehicles such as Spot ETFs. The interplay between retail and institutional investment actions significantly affects Bitcoin’s market dynamics and price forecasts.

In summary, the current momentum surrounding Bitcoin, evidenced by both positive demand indicators and technical analysis, suggests a potential upward movement towards its previous all-time high. Key resistance levels remain pivotal for a confirmed bullish breakout, while the presence of retail investors bolstering demand adds to optimism for price recovery. Thus, the outlook for Bitcoin suggests a cautious yet optimistic approach going forward.

Original Source: www.fxstreet.com

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