The beginning of October saw Bitcoin's price decline unexpectedly, dropping to around $60,000, partly due to Middle East tensions. However, a recovery began, with Bitcoin bouncing back above $62,000.
A significant factor influencing this trend was the liquidation of over 4,000 long positions in the Bitcoin futures market, as discussed by a CryptoQuant analyst under the pseudonym Caueconomy. Such liquidations can reduce bearish pressure and often signal local price bottoms.
The analysis suggests a short-term recovery if investors increase buying pressure. Even though Bitcoin's price increased by over 2.5% in a day, it still reflects a 5% decline over the past week.
Despite recent downturns, there's optimism about Bitcoin reaching $65,000, supported by historical October price movements and a decrease in selling pressure.
