Bitcoin (BTC) has crossed the $65,000 mark, raising trader optimism for an 'Uptober' rally to extend bullish momentum. On October 15, BTC briefly exceeded $66,000, settling at $65,964 with a 1.4% gain in 24 hours. A Bitfinex report suggests Bitcoin's move past the $63,000 resistance level signals potential further gains.
The report emphasizes the significance of Bitcoin's realized price of unspent transactions output (UTXO) age bands, which gauge market sentiment by tracking the average purchase price across BTC holder age groups. The short-term and mid-term holder prices, $63,000 and $55,000 respectively, serve as key support/resistance levels.
Bitcoin's surpassing of the $63,000 level indicates bullish momentum, though failure to close above this could trigger a downturn towards $55,000. BTC experienced weak price action on October 10, dropping to $58,943, with selling primarily from Coinbase, affecting the Coinbase Premium Gap Indicator (CPGI).
The CPGI, which reflects BTC-dollar pair differences between Coinbase and other exchanges, shows stability with no significant divestment, indicating market resilience. This aligns with observations of sustained demand despite geopolitical tensions between Iran and Israel, suggesting strong interest in risk-on assets.
Furthermore, the Mt. Gox crypto exchange's delayed repayment to October 2025 may relieve pressure on spot selling, yet there are concerns over BTC's price capitulation with tightening on-chain liquidity. Current trading stands at $65,964, reflecting a stable 1.4% increase.
