Bitcoin Teases $69K Briefly As Bull Run Establishes Its Dominance

• Bitcoin has factored a daily price increase of 1.36% as per CMC data. 
• The cryptocurrency is expected to hit a new high of $78K according to analysts’ predictions.

The Asian end of the crypto community has woken up to good news as Bitcoin bulls sprung to new actions. Meanwhile, a recently launched meme token, Apecoin, has stirred market attention with its significant price breakouts. Several traders made notable profits by swapping the token over the weekend.  

Specifically, Bitcoin briefly hit $69,000 in the last few hours before reverting to the $68K level. The cryptocurrency has progressed impressively over the previous 24 hours, initiating its upward rally from $68,223 to its current trading levels. This indicates the Uptober rally’s prolonged stay and dominance over bearish price actions. 

Moreover, Bitcoin price hit an intraday high of $69,519 and has been experiencing tensions at this particular point multiple times in the span of a few hours. At the time of writing, BTC was trading at $68,959 as per CMC data. Additionally, the digital asset’s daily trading volume surged by 66.16%. 

Secondly, Bitcoin’s recent bull run can be identified as falling in line with the market analysts’ September predictions. Particularly, Ali (@ali_charts) mentioned his previous prediction of Bitcoin rebounding to $78,000 after testing the $57,000 support level. This suggests further price breakouts in store for the largest cryptocurrency in the coming days. 

Bitcoin Price Weekly Overview 

On inferring. BTC’s weekly price chart, the cryptocurrency, has shown a price increase of 7.68%. At last week’s beginning, Bitcoin traded in the $63K to $64K range before progressing forward. This price increase has caused intensified buying pressures in the token pushing Bitcoin to an overbought situation. Its RSI currently stands at 70.18 as per TradingView data. 

Furthermore, the cryptocurrency’s Moving Average Convergence and Divergence (MACD) indicates the signal line standing above the MACD line. This highlights the existing positive environment and the aforementioned bullish dominance. Finally, Bitcoin is expected to sustain its positive momentum into the coming months and the new year. 

Meanwhile, other cryptocurrencies have also supported the bull market with their own price increases. Ethereum has been steadily progressing toward $2.8K while Solana, XRP, and TON also show bullish candles. 

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