Bitcoin traded above $63,000 after gaining 4.08% in the last 24 hours, briefly exceeding this key price level, which indicates a bullish market shift according to analysts. The market sentiment is currently bullish despite recent volatility.
Analyst Yonsei_dent emphasized the importance of a consistent trading volume to sustain a short-term bullish breakout above $63,000. If achieved with increased trading activity, Bitcoin could rise to approximately $67,000 where the next resistance level lies.
Looking ahead, November might bring factors conducive to Bitcoin's growth, such as potential Federal Reserve cuts and the US elections. The outcome of these events could influence Bitcoin's trajectory, especially if pro-crypto policies gain traction.
Bitcoin is now trading at $62,697, with a 1.07% weekly gain, showing optimism for a possibly stronger trend reversal.
