Bitcoin's price may rise more than expected in October.

The price of Bitcoin remains stable at around $60,000 despite the Bitcoin Halving in April and the 50 bps interest rate cut last month by the U.S. Federal Reserve. The main pressure continues to stem from a stronger-than-expected U.S. economy. Meanwhile, Bitcoin ETFs continue to garner attention, and the development of the Lightning Network, which simplifies Bitcoin transactions, has helped the price maintain its resistance level.

Investors still see increased geopolitical tensions as a key factor driving down prices of other risk assets. This has also led to a growing demand for safer assets. Nevertheless, October remains a month in which Bitcoin’s price could surge past its resistance once again, based on historical patterns from previous years. This has led to the month being nicknamed "Uptober" for Bitcoin and other cryptocurrencies.

Bitcoin analyst Timothy Peterson commented that Uptober typically doesn’t start until after the 19th, and historical data supports an upward trend for Bitcoin in October. Since 2018, Bitcoin and other cryptocurrencies have shown a consistent price increase during this month, with an average gain of over 14% and an average return of approximately 13%.

However, the returns this October may not align with expectations, as the establishment of Bitcoin ETFs has led to greater institutional involvement in Bitcoin's price. This could also be a factor driving the price up.

At the end of last month, Ark Invest’s fund saw inflows of over $113.82 million, followed by BlackRock’s iShares Bitcoin Trust, which saw inflows of $93.38 million. Additionally, CryptoQuant reported massive buying pressure from Bitcoin ETFs (at a level of 9,000 BTC per day), reaching an all-time high.

On the U.S. economic front, the unemployment rate has fallen to 4.1% from 4.2% in the previous month. Moreover, reports indicate that domestic hiring added more than 254,000 jobs, exceeding the forecast of 150,000, reflecting the resilience of the U.S. labor market despite high interest rates.

Techical analysis data (5H)

Resistance: 62394, 62486, 62582

Source: Investing.com

Buy/Long 1: If the price touches support in the price range of 62110 - 62206  but cannot break the support at 62206, you may set a TP at approximately 62486 and SL at around 62018 or according to your acceptable risk.

Buy/Long 2: If the price breaks the resistance in the price range of 62394 - 62486, you may set a TP at approximately 62582 and SL at around 62110 or according to your acceptable risk.

Sell/Short 1: If the price touches resistance in the price range of 62394 - 62486 but cannot break the resistance at 62110, you may set a TP at approximately 62394 and SL at around 62582 or according to your acceptable risk.

Sell/Short 2: If the price breaks the support in the price range of 62110- 62206, you may set a TP at approximately 62018 and SL at around 62486 or according to your acceptable risk.

Pivot point October 5, 2024 09:50 PM. GMT+7