Bitcoin kicked off the week with a strong move, reaching $66,300. However, the question remains: Can the bulls sustain this momentum given past attempts have faced resistance between $65,000 and $66,000?

Current Market Situation

The current price rally puts Bitcoin in a scenario where the descending channel trendline is breached, yet it remains to be seen if BTC can firmly close above this channel resistance.

Impact of the Futures Market

Similar to previous rallies, the breakout was partially driven by futures market activity. The funding rate and open interest surged, highlighting the activity of short-term traders.

Outlook and Forecasts

JJ, an analyst from HighStrike, noted, 'BTC surged higher as a breakout back above the 200-day brought in renewed interest from call buyers in the options market. The most popular strikes have been 75-100k calls for Q4 this year.' Influential factors also include Polymarket odds and MicroStrategy's year-to-date highs. Resistance above the September highs still remains, suggesting traders should expect market fluctuations as long as these ask walls are in place.

While conditions are favorable for a breakout in the fourth quarter, traders should consider potential market swings and exercise caution when making investment decisions.