CandleFocus Can Bitcoin hit $70k in ‘Uptober’?
2024-09-19
Author: Content Editor
Bitcoin (BTC) experienced a period of concern as it reached lower lows after recovering to lower highs. However, recent trading has raised the possibility of the downtrend ending. Bitcoin's climb above $62,000 signals the return to the bull market and the potential for striving towards $70,000 in October. The Federal Reserve's decision to reduce interest rates by 50 basis points may have triggered the positive reaction in BTC's price. BTC still faces challenges, with resistance levels at $62,194 and higher resistances at $63,000 and above $64,000. The US presidential elections in November may impact the crypto market's volatility. A Kamala Harris victory may not be well-received by the crypto community. On the other hand, a Trump victory can reinvigorate an October uptrend. BTC has had a strong year but recent trading has been less smooth. However, the shorter time frames show a more bullish picture, with BTC up 2.05% in the last 30 days and 6.60% in the last seven days.
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