Bitcoin (BTC) has started the last week of October with a welcome rebound, sparking hopes that the cryptocurrency’s price action may cancel its dip from all-time highs. According to data from Cointelegraph Markets Pro and TradingView, BTC/USD sealed a rebound to $114,500 and reclaimed the 21-week exponential moving average (EMA). This development has been seen as a positive sign by some analysts, who believe that Bitcoin may be poised for a record monthly close.
Trader and analyst Rekt Capital has flagged the trend line as a key level to hold going forward, noting that the recent breakout from the Ascending Triangle on the Daily timeframe has enabled a positive position on the Weekly timeframe. However, not all market participants are convinced that the bull market is back, with some pointing to weakness on higher time frames, low volume, and bearish divergences on Bitcoin’s relative strength index (RSI). Despite these concerns, Bitcoin’s impressive recovery has been seen as a positive sign, with some analysts predicting that the cryptocurrency may reach $125,000 before the end of October.
The Federal Reserve’s interest-rate decision is also expected to have an impact on Bitcoin’s price action, with some analysts predicting that a rate cut could boost the cryptocurrency’s price. According to data from CME Group’s FedWatch Tool, the odds of a 0.25% cut are over 95%. This development has been seen as a positive sign for risk assets, with stocks surging at the start of the week in response to the news. The US-China trade deal is also being closely watched, with some analysts predicting that a deal could remove a major hurdle to the continuation of the bull market.
Network economist Timothy Peterson has also been bullish on Bitcoin, predicting that the cryptocurrency’s price cycles are directly influenced by rate policy. He believes that cutting cycles can only be a boost to the bull case, and has set $115,000 as the new focal point for Bitcoin’s price action. Peterson’s research into BTC price growth and Metcalfe’s law has also been seen as a positive sign, with some analysts predicting that the cryptocurrency may reach new heights in the near term.
Despite the positive signs, Bitcoin’s price action is still subject to volatility, with some analysts predicting that the cryptocurrency may experience a correction in the near term. However, with the Crypto Fear & Greed Index currently indicating that the crypto market sentiment is in “neutral” territory, some analysts believe that Bitcoin may be poised for a major comeback next month. The one-month chart shows a fresh record in the making, with BTC/USD set to achieve its highest monthly close in history if it reaches $115,750.
Short-term holders are also back in the black, with entities that have bought within the last six months now above their aggregate cost basis, near $113,000. According to data from onchain analytics platform CryptoQuant, the Short-Term Holder Profit Ratio (SOPR) is back above 1, reaching its highest levels since Oct. 8. This development has been seen as a positive sign, with some analysts predicting that Bitcoin may be poised for further upside in the near term.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. For more information, please visit the original source link: https://cointelegraph.com/news/btc-price-eyes-record-monthly-close-5-things-bitcoin-this-week?utm_source=rss_feed&utm_medium=rss_tag_bitcoin&utm_campaign=rss_partner_inbound
