On October 11, Bitcoin hit multi-day highs as market sentiment shifted, despite recent economic pressures.
Analysis of Current Market Conditions
BTC/USD increased by 1.5% during the day, nearing $63,500 as it attempted to catch up with U.S. equities while ignoring new U.S. inflationary pressures.
Struggle for Key Price Levels
The key monthly and weekly open levels are at $62,850 and $63,330, respectively, making this area critical for price movement. Buyers aim to break resistance and reach the $65K mark.
Initial low was swept & clearly inability to breakdown so naturally there’s a reversion.Skew
Market and Investor Prospects
Analysts expect growth to continue into the following week, with a breakout of $64K/$65K signaling tests of new all-time highs.
Bitcoin took liquidity beneath $59.5k and quickly ran up.Michaël van de Poppe
Bitcoin's rise towards key levels, combined with optimistic forecasts, sets the stage for further bullish sentiments in the market.