The Bitcoin price has been experiencing some downward pressure after reaching levels above a crucial support. While a weekend pullback might be expected, there are signs pointing towards a strong bullish movement. It is anticipated that an upcoming upswing will propel prices above the key $70,000 range, provided that the bulls show strength around pivotal resistance levels.
Following a recent breakout from a 7-month consolidation phase, market participants are viewing each pullback as an opportunity to enter the market. This has led to trading volumes remaining elevated. Additionally, whales are accumulating significant amounts of BTC, further supporting the bullish outlook. The recent performance of BTC ETFs, with over $1.2 billion in net flows, indicates a bullish close for the month, possibly surpassing $70,000.
Despite the recent price increase, the Bollinger bands have not expanded, suggesting a potential drop to test either the middle or lower bands. However, strong support at $67,300 could provide a solid foundation as long as the RSI remains above 61.03. Moreover, the selling volume is lower than buying volume, hinting at a potentially bullish weekend ahead.
In the event that the bulls struggle to maintain levels above $68,500, a small pullback to around $67,500 could occur. Nonetheless, as October progresses, significant liquidity is expected to enter the market, potentially altering the trading dynamics.
Bitcoin’s bullish momentum for the month is taking shape as the token has surpassed lows below $50,000 and is trending towards new highs. While bears may anticipate resistance at current levels, a push above $68,000 could invalidate their expectations. With the price just 2% away from $70,000, achieving a new all-time high above $75,000 could be within reach for the Bitcoin (BTC) price rally.
This rewritten content has seamlessly integrated the key points from the original article and can be easily published on a WordPress platform.