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Although Bitcoin (BTC) did not have a good start to October, which was a bullish month due to tensions between Iran and Israel, it recovered over the weekend and approached $64,000 following the positive US employment data announced last week.
Analysts expect the optimism in the US economy to continue, with one analyst predicting that Bitcoin could retest $66,000 if it breaks the $64,500 resistance.
Speaking to The Block, BTC Markets analyst Rachel Lucas said that for Bitcoin to continue its recovery, it needs to break and hold a key resistance level at $64,500. If it breaks $64,500, it could retest $66,000.
“The probability of the Fed cutting 25 basis points in November is priced in at 89.5%. This generally encourages riskier attitudes among investors and benefits assets like Bitcoin,” Lucas said, attributing the recent price increase to improving market sentiment and rising expectations that the US Federal Reserve will cut interest rates again in November.
Optimism Continues About Bitcoin's Rise!
Lucas finally explained another factor supporting the rise in Bitcoin and said that this is the decrease in Bitcoins held on centralized exchanges.
Stating that this decrease is typically a bullish sign for Bitcoin, Lucas said:
“To continue this recovery, Bitcoin needs to break and hold the key resistance at $64,500.
Despite October being a historically strong month for Bitcoin, I and analysts in general remain optimistic that the recovery will accelerate and rally as the month progresses.
*This is not investment advice.