Bitcoin Price Recovers 2% as Uptober Bull Run Anticipations Rise

• Bitcoin price in the last 24 hours has begun to show upward movements. 
• The cryptocurrency’s daily trading volume surged by 55.06% as per CMC data.

On analyzing sentiment parameters in the cryptocurrency sector, readings show positive as investors await the Uptober bull run. The recent price recovery in the overall market has influenced the optimistic sentiment. Additionally, Bitcoin’s price recovery has also raised traders’ hopes for upward movements. 

In the past week, Bitcoin’s price caused anxiety in the market, as contrary to expectations, the cryptocurrency experienced downward pressure. Notably, in the last 24 hours, BTC has incurred a 2.41% price increase and has climbed to the $63K level. At the beginning of the day on October 6, the digital asset was trading at $61,834 struggling to surpass $62K. 

However, as the day progressed, Bitcoin sparked bullish candles and climbed to current trading levels. At the time of writing, BTC was trading at $63,406 according to CMC data. Zooming out, over the last 7 days, the cryptocurrency, as aforementioned, showed price dips. Its weekly performance stands at a 1.51% decline as a result of the downward trend. 

At the beginning of the week, Bitcoin traded at $64,510 propelled by the September end bull run. This caused quite a spur in expectations, as with the approaching October, market analysts had expected the bull run to extend taking BTC to new highs. On the other hand, the past day’s upward movement has reinstated anticipations for the Uptober bullish cycles. 

How Will Bitcoin Price Perform in the Coming Days? 

On inferring Bitcoin’s daily price chart, the cryptocurrency’s bull power indicator stands at 6.66 while the bear power indicator stands at 1.90. This highlights Bitcoin’s current bullish trend. Additionally, BTC’s 200-day SMA stands above the current price. On closer analysis, the price stands close to the SMA and shows attempts to surpass it. 

Notably, market analyst Ali stated recently that Bitcoin’s 200-day SMA when standing above the price indicates a bear market. However, when it stands below the price, then he said that Bitcoin can show price expansion. If BTC manages to sustain the positive momentum and move above the 200-day SMA it might set the stage for the bull run.

Meanwhile, other cryptocurrencies such as Ethereum and Solana have not shown significant price surges in the past day.  

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