Has Bitcoin Bull Run Begun as Price Surpasses Key Resistance at $65K?

• Bitcoin price surpassed its key resistance at $65K in the last 24 hours. 
• The cryptocurrency’s daily trading volume surged 26.64% as per CMC data.

Bitcoin price action is the day’s breakfast convo for crypto community members. The cryptocurrency has begun to recover to its previous price levels at the $60K range. Meanwhile, the web3 community is also awaiting several token unlocks this week, including the WLFi token from Trump’s DeFi project. 

When reverting attention to the market price actions, following Bitcoin, Ethereum, Solana, and XRP have also turned bullish. Meanwhile, new top performers such as SUI and WorldCoin have also experienced price breakouts in the past few days. Notably, Bitcoin has factored in an additional 1.23% price increase in the past day. 

Moreover, BTC crossed its significant $65,000 resistance level during the Asian evening hours of October 14. At the beginning of the day, the cryptocurrency had rallied to $64K but showed modest struggles to surpass the aforementioned resistance. However, in the following hours, Bitcoin began showing consistent upward movements to hit a 17-day high at $66,414. At the time of writing, Bitcoin was trading at $65,544 per CMC data. 

Relatedly, the US spot Bitcoin ETFs also recorded the highest single-day inflows since October 1. According to Sosovalue data, the ETP products witnessed $555.86 million in inflows. Fidelity Investments’ FBTC ETF recorded the highest with $239.25 million inflows among the 12 ETFs. 

Bitcoin Price Weekly Overview

According to Bitcoin’s weekly price chart, the cryptocurrency shows a price increase of 5.12%. This increase has been accounted for as a modest bounce back from its consolidation phase at the $50K range.

At the beginning of the week, Bitcoin traded at $62,180 and as the days progressed it revisited its previous support level at $58,895. However, due to the bullish takeover, the cryptocurrency moved upwards to current trading levels. Subsequently, BTC’s market sentiment depicts a buying pressure as indicated by the RSI standing at 61.65. 

Moreover, the digital asset’s bull power indicator value of 1.53 stands above the bear power indicator value of 0.47 as per TradingView data. This highlights Bitcoin’s existing bullish trend and has been interpreted by the community as an indicator of a price rally. 

Finally, if Bitcoin falls in line with the market analyst predictions it can be expected to reach new trading levels that lie closer to ATH of $73,750. 

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