Key Takeaways
- Uptober crypto fever begins with market rallying as BTC trades towards key resistance.
- Speculation of a Fed rate cut has risen to over a 90% chance, as this could boost market sentiment to the upside.
- Overall market sentiment remains bullish ahead of a new monthly candle as the market aims for new highs.
Bitcoin (BTC) has indicated a strong bullish price action in the last couple of hours closing the month candle in September strong and setting up a potential bullish price action for October as the word “Uptober” for the crypto market continues to make rounds in the media suggesting that the price of the crypto asset and other digital currencies could be gearing up for an epic month.
With the price of BTC recovering from its low of $108,800 to trade around $116,500, this has shown some incredible price action, considering traders and investors were quite uncertain regarding the recent market scare, which led to over $170 billion in liquidations across the crypto space.
However, with strong bullish price action, we could see the number of crypto assets by market capitalization lead the charge in the coming weeks, with altcoins following, despite a slow start for some crypto assets.
As the price of BTC nears a key major resistance level following its price gain from $108,800 to $117,600, what can we expect from the price in the coming weeks?
BTC Price Analysis for October
Source – BTC Price Chart from TradingView
Following a strong market retest around $108,800, the price of the crypto asset rebounded to a high of around $117,500. Currently, the price faces resistance at $118,000.
If the price of BTC breaks above $118,000 with strong volume, we could see the price aim for a significant market rally to the upside, as speculation hints at a possible price gain toward $150,000 based on current price analysis and expert predictions.
With the market showing strong bullish gains in the last couple of hours, there is a tendency for the price to break its key resistance and trade to potential new all-time highs.
The hype for a market rally with potential gains of 30% in October is becoming a reality and could have a positive impact on BTC and the broader crypto market in the coming days.
Additionally, speculation of a possible Fed rate cut in October, with over 90% chance, could see the market perform very well.
Overall market sentiment is currently bullish for the general cryptocurrency market, as it presents huge opportunities for all in the coming weeks to months.
FAQs
How much is BTC right now?
Bitcoin currently trades around $117,500 following a recent market price crash.
Why is Bitcoin price pumping?
The price of Bitcoin rebounds and could see a strong market push to the upside if the price breaks above the key 118k resistance.
Is Bitcoin going up or down today?
The price currently trades within a range channel as it attempts a major breakout.
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