Bitcoin (BTC) started the third week of October with a 6% daily surge, driving optimism among investors who foresee a potential rise to $70,000. Analysts noted Bitcoin's reclaiming of key resistance levels, moving from $62,000 to retest $66,000, and achieving a 3.17% October return.
Rekt Capital highlighted BTC's ability to convert a 2-month downtrend into support, with successful retests of critical trendlines, including the 21-week EMA. Ali Martinez observed BTC's attempts to reclaim the 200-day Moving Average, having been rejected four times recently.
BTC solidified the $58,000-$61,000 range as a strong support area. After challenging August's highs around $64,200, analysts believe these levels are weakening as resistance, indicating bullish momentum.
Rekt Capital emphasized a necessary weekly close above both the downtrend channel's top and August highs to strengthen BTC's position. A close above $64,200 and reclaiming $65,000 as support could propel BTC toward $70,000.
Currently trading at $65,812, Bitcoin shows a 4% weekly and 10.3% monthly increase, reinforcing positive sentiment among market participants.
