Bitcoin (BTC) reached multi-day highs on October 12 as markets followed a similar pattern to the previous weekend’s uncertain gains.
Data from Cointelegraph Markets Pro and TradingView indicated that BTC was approaching $63,500, up 1.5% for the day, mirroring the behavior from the weekend before.
During the Wall Street trading session on October 11, BTC/USD made significant progress after testing the $60,000 support level throughout the week. Despite new inflationary pressures in the US, Bitcoin seemed unfazed, with markets scaling back expectations for future interest rate cuts.
Popular trader Skew pointed out that with the initial low being surpassed and a lack of breakdown, a reversion was expected. With relative strength index (RSI) scores above 50 and strong spot demand, a potential move up was in the cards.
The battle for BTC price around the monthly and weekly open levels at $62,850 and $63,330 respectively made the current spot price area a crucial battleground. Exchange order book liquidity analysis by Material Indicators also identified potential upside targets just below $65,000.
Trader Michaël van de Poppe anticipated continued positive momentum for Bitcoin bulls in the coming week, following a consolidation period after breaking $59.5k.
The stablecoin market cap also fueled hopes for a Bitcoin bull run, with forecasts indicating a potential breakout when the market cap of major US dollar stablecoins relative to Bitcoin starts to decline.
This article is not intended as investment advice, and readers are encouraged to conduct their own research before making any investment decisions.