BTC Enters Uncharted Territory: Bulls Take Control After Weeks of Sluggish Trading
Following several drops below the $110,000 level and weeks of sluggish trading, Bitcoin (BTC) has now formally entered uncharted territory. The biggest cryptocurrency in the world surged above its previous peak of $124,000 in August. On Binance, it hit $125,900 in the early hours of Sunday trade.
This spike, which represents a weekly gain of 14%, solidifies Bitcoin’s hegemony as market sentiment becomes unquestionably bullish. Following a protracted period of consolidation that tried investor patience, there was a breakout. The long-awaited next leg of the bull cycle may finally be starting, according to the charts.
Bitcoin Breaks Key Resistance, Eyes Record Highs in October Rally
Amid interest rate changes from the Federal Reserve and U.S. macro uncertainties, Bitcoin found it difficult to maintain its upward momentum in late August and early September. However, September was especially erratic. Following the Fed’s rate move, Bitcoin reached a high of $118,000 before falling below $109,000 not long after. But early October, which traders called “Uptober,” rekindled hope. Bitcoin’s value increased by nearly $10,000 in a single week, surpassing significant resistance levels between $121K and $122K. It then reached unprecedented heights during the weekend.
Bitcoin Bull Run Intensifies: $2.5 Trillion Market Cap and Rising
The market value of Bitcoin has surpassed $2.5 trillion as a result of the most recent action. Amazon’s valuation has surpassed, and its market capitalization approaches that of silver. During the spike, liquidations totaled more than $350 million, according to CoinGlass statistics. These losses disproportionately affected short traders.
Technically speaking, Bitcoin’s breach above the $124,000 resistance is noteworthy. It opens the door for a shift into the $130,000–$135K range, according to analysts. While still high, the Relative Strength Index (RSI) is below overbought levels. The positive trend may continue before any cooling-off period, according to this.
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