Bitcoin (BTC) has been on an uptrend since the Federal Reserve's rate cut, currently trading at $63,509 with a 10% rise in a week. A potential rally to $69,000 is driven by increased demand and positive market sentiment.
BTC's Puell Multiple, a metric assessing miner profitability, recently entered the 0.5 green zone, indicating a possible extended rally. This zone suggests lower mining profitability, often leading to a price increase as miners might reduce operations.
Historical data supports this trend: the green zone typically precedes upward price movements, while the red zone signals market tops and price declines. Bitcoin's positive funding rate since mid-September indicates a bullish market outlook.
If Bitcoin's price breaks resistance at $67,078, it could rise to $69,000. Conversely, increased selling pressure could lead to a decline toward $54,672. The current analysis suggests a promising outlook for Bitcoin's near-term price trajectory.
