Will the Rise in Bitcoin Continue? According to Analysts, This Level is the Key Point of the Rise!

Bitcoin (BTC) Although it did not have a good start to October, which is the rising month due to the tension between Iran and Israel, it recovered over the weekend and approached $64,000 after the positive US employment data announced last week.

While analysts expect optimism in the US economy to continue, an analyst He predicts that Bitcoin could retest $66,000 if it breaks the $64,500 resistance.

Speaking to The Block, BTC Markets analyst Rachel Lucas stated that Bitcoin must break and maintain an important resistance at the $64,500 level for its recovery to continue. If BTC breaks $64,500, it could retest $66,000.

Lucas attributed the latest price increase to the improvement in market sentiment and the increased expectation that the US Federal Reserve will make another interest rate cut in November.The probability that the FED will cut 25 basis points in November is priced at 89.5%. “This often encourages a riskier attitude among investors and benefits assets like Bitcoin.” he said.

Optimism Continues About the Rise in Bitcoin!

Lucas finally BitcoinHe also explained another factor supporting the rise in and said that this was the decrease in Bitcoins held in central exchanges.

Stating that this decrease is a typical upward sign for Bitcoin, Lucas said:

“To sustain this recovery, Bitcoin needs to break and maintain the key resistance at $64,500.

“Although October has been a slow start for Bitcoin, although it has historically been a strong month for Bitcoin, I and analysts in general remain optimistic that the recovery will accelerate and rise as the month progresses.”

*This is not investment advice.