Bitcoin once again climbed to multi-day highs, reaching $63,500 amid market growth and buyer activity.

Bitcoin's Rise in Mid-October

On October 12, Bitcoin demonstrated strong performance, climbing to $63,500, consistent with a 1.5% daily increase. This behavior was observed the previous weekend. Active trading on Wall Street on October 11 contributed to the rise after testing the $60,000 support during the week.

Factors Influencing Price Dynamics

Despite new inflationary pressures in the US and reduced expectations for rate cuts, Bitcoin remains resilient. Popular trader Skew pointed out that indicators like the relative strength index (RSI) above 50 and market demand suggest potential upward movement.

Key Levels and Forecasts

Key for Bitcoin are the monthly and weekly open levels at $62,850 and $63,330. Trading resource Material Indicators identified additional upside targets just below $65,000. If Bitcoin clears the 200-Day Moving Average, it may attempt to tackle technical resistance at $64,900.

Thus, the current phase of Bitcoin's rise has a significant impact on the market. Success in overcoming key levels may strengthen its position against new challenges.