The post As BTC passes $66K, is ‘Uptober’ finally upon us? appeared on BitcoinEthereumNews.com.

Bitcoin has historically experienced strong gains in October, and this trend seems to be holding, with BTC surpassing $66,000 and ETH reaching a two-week high. After eclipsing that level, bitcoin’s price had settled around $65,850 by 4 pm ET — up 4.8% from 24 hours prior. Ether was trading at about $2,620 at that time, a 6% gain from a day ago.  Seasonal trend analysis continues to point to the so-called “Uptober” narrative and strong fourth quarter performance despite the month’s “patchy” first couple of weeks, according to LMAX Group market strategist Joel Kruger. Read more: As BTC rallies after jobs report, what are the ‘Uptober’ odds? “Bitcoin and crypto assets overall have actually held up quite well of late when considering a wave of broad-based demand for the US dollar in recent weeks on the back of a repricing of Fed expectations,” Kruger told Blockworks. Bitcoin has pushed back toward its recent resistance level at roughly $66,550, he said, adding: “A break back above this level should open the door for a more direct retest of the record high from earlier this year.” Despite bitcoin breaking its 2021 high earlier this year (above $73,000), ETH has yet to surpass the nearly $4,900 mark it hit three years ago. There is “important resistance” in ETH’s price around $2,820, Kruger noted — a break above which would suggest crypto assets are set for a more significant run.  “This has already been a breakthrough year for the asset class given the friendlier regulatory climate, wider adoption and introduction of the bitcoin and ETH ETFs in the US,” he explained. “All of this suggests the market should be wanting to push for a big breakout in the weeks ahead and we will be keeping an eye on those already mentioned key levels in…

---

Filed under: News - @ October 14, 2024 9:25 pm