TradingKey - Bitcoin Rallies for Four Straight Sessions, Strongly Breaching $84,000, with Further Potential Upside of $3,000
On October 12, Bitcoin (BTC) prices rebounded further and strengthened, rising over 1% today to reach a high of $84,150. On August 8, after completing a bear-trap shakeout probing the $80,000 support zone, Bitcoin successfully staged a four-session rally, breaching the $84,000 mark in one fell swoop.
This rebound in Bitcoin was mainly driven by macroeconomic factors. Recently, the yield on US 30-year Treasury bonds declined, and crude oil prices pulled back, with WTI crude (USOIL) falling below $90 per barrel again today, easing market concerns about further Fed rate hikes and prompting global capital and marginal liquidity to accelerate their flow from traditional fixed-income assets into high-Beta growth and safe-haven assets such as Bitcoin. According to CME FedWatch, the market expects an over 80% probability that the Fed will keep interest rates unchanged in October.
From the perspective of positioning structure and technical charts, Bitcoin's first resistance level is at $87,000, representing roughly $3,000 of upside space from current levels. Notably, this corresponds to the two rebound highs in late September and October this year, accumulating break-even selling pressure and bearish derivative limit orders. The market needs a breakout backed by expanding spot volume to formally confirm the continuation of the main uptrend.
Bitcoin price chart, Source: TradingView
Once strong spot buying pushes the price past the previous high of $87,000, it will directly trigger cascading short liquidations. Given the sparse overhead technical resistance above $87,000, another rapid $3,000-level rally could easily occur in a short time, driving prices straight toward the $90,000 mark.
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