In several days of consolidation, the Bitcoin (BTC) rose over 2.71% and showed growth of 8.57% over the past month. September recorded a positive growth with 5.16%and the third quarter recorded 6.31% according to Coinglass data.
Historical trends show that the month of October, referred to as Uptober, has an average profit of 20.23%, which increases the anticipation of traders to see further profits moving upwards.
Source: Coinglass
Historically, October has been a good month for selling Bitcoin and the last quarter of the year even better. Bitcoin Q4 returns average 78.88%, which is a bullish signal that suggests an emergence into the green for months to come. The nearest levels for resistance are currently located at $117,956 and $119,289 with the next target set at $120,300 as these resistances are likely to be broken.
Source: Coinglass
Bitcoin’s market value has already surged this year, going from $870 billion to $2.34 trillion amid heightened interest from institutional investors. Institutional backing remains a major catalyst for the ongoing rally.
Also Read: Bitcoin’s Upward Surge: Analysts Predict $131,300 as Next Target
SoSoValue on Tuesday posted a second straight day of robust inflows, $429.96 million into Bitcoin spot ETFs. Analysts highlighted that ongoing institutional involvement is likely to be necessary to sustain the rally’s momentum.
Source: SoSO Value
Analyst Satoshi Flipper observed that BTC has setup clear above that $115,000 range it had been trading in and is respecting a higher time frame structure with consistent action up to 2025. He believes that the long-term breakout target for Bitcoin is $130,000.
Source: X
According to Coinglass, the BTC trading volume increased by 12.36% to $94.88 billion for today’s transactions. Open Interest also increased by 4.46%, amounting to $84.11 billion, and the OI weighted funding rate was 0.0050%.
Source: Coinglass
Liquidation updates show increased volatility, with $157.08 million in positions being liquidated over the past day. Shorts made $136.84 million, and longs collected $20.24 million.
Source: Coinglass
Analyst Ted cited two major liquidity clusters in the neighborhood of $107,000–108,000 with $8 billion worth of long liquidations and around $118,000–119,000 with $7 billion in short liquidations. These clusters may potentially impact the future BTC price dynamics.
Source: X
BTC’s recovery from around $111,000 and its move toward $120,000 is indicating buyers are still active above current prices, with further upward potential. Technical indicators also underpin the case for continuing gains as a bullish MACD crossover has been confirmed and from the histogram’s yellow bars. The RSI is currently at 58.56% and suggests that the market can move in an upward direction.
Source: TradingView
The fact that BTC was able to extend its climb over $117,500 and remained strong for the majority of October indicates further bullish momentum. Strong institutional support as well as supportive technicals, historical patterns point to further upside. A firm move through $120,000 will help determine if BTC hits new highs before the end of the year.
Also Read: Bitcoin Correlation With Gold Signals Strong Upside for Q4
