Bitcoin has experienced a 31% increase since early September, after reaching local lows of around $53,000. While facing selling pressure after approaching the $69,500 level, Bitcoin still holds above the key $66,000 mark. This level is essential for determining continued strength.
Data from CryptoQuant suggests bears are losing control, as a key futures market indicator turns bullish for the first time since July. This indicates that the selling pressure might not be sufficient to push Bitcoin lower, keeping the upward trend intact.
Analyst Maartunn highlights that Bitcoin's net taker volume in the futures market is positive for the first time since July. This reflects an accumulation phase, with bears losing their grip and buyers gaining momentum, poised to end the suppression phase.
The upcoming U.S. presidential election could introduce market volatility, affecting Bitcoin’s behavior. If Bitcoin maintains its uptrend, post-election, a rally to new highs might be imminent.
Currently, Bitcoin trades at $66,400, finding support at the crucial $66,000 level, a key demand zone. Holding above this could lead to a challenge of the $70,000 resistance. If breached, further upside and price discoveries are possible. Conversely, failing to maintain this would mean retesting lower demand levels, with $63,300 as the next key support zone.
