- Bitcoin price as of today has risen by 1.40% and is currently valued at $68,092.
- After bouncing back from a swing low of $65,234 on Wednesday, Oct. 24, BTC price is on the upswing.
- Investors might anticipate this upward trend to surpass $70,000, with $66,000 establishing itself as a robust support level.
As of 08:00 a.m. EST, Bitcoin price is trading at $68,092. The BTC price reached a daily high of $68,821 today after a surge of 1.40% on October 25.
Previous Bitcoin Price Analysis
In the previous week’s market summary, BTC price exhibited signs of buyer fatigue and consolidation around the $66,000 mark. Our analysis recommended a cautious perspective, highlighting that Bitcoin’s price could either fall or rise depending on market developments over the weekend.
Bitcoin’s price surged due to heightened ETF volumes from BlackRock but faced difficulties in breaking through the $70,000 resistance level. The asset peaked at $69,397 on Monday, October 21, before retracing and entering a consolidation phase.
Why Is Bitcoin Price Rising Today?
BTC has been fluctuating between $68,500 and $66,200, maintaining this range for the past ten days. The latest price increase corresponds with the asset’s recent bounce from the lower range. With BTC rising 1.40% and trading at $68,092, investors anticipate that the New York session’s opening will further elevate the price.
Price Outlook Remains Bullish
Currently, BTC is trading at $68,092, showing a slight increase from last week’s price of $67,742. This bullish trend has pushed Bitcoin’s year-to-date gain (YTD) from 58.92% on October 18 to 60.71% as of October 25.
Bitcoin continues to hold its position as the largest crypto asset by market capitalization, benefiting from its first-mover advantage.
With the US presidential elections happening in the next 10 days, investors are bracing for increased volatility that could kick-start a bull run. Historical data suggests that market responses tend to be positive, regardless of election outcomes.
Microsoft Considers Investing In Bitcoin
A shareholder at Microsoft has suggested that the company explore investing in Bitcoin and other digital assets. However, the company has advised its board members to vote against the proposal. According to a SEC filing dated October 24, the vote is set to occur in December regarding the potential addition of Bitcoin (BTC) to Microsoft’s balance sheet.
Microsoft’s relationship with Bitcoin has been varied, as the company “continues to observe trends and developments in the cryptocurrency sector to guide future decision-making.”
BTC Price Eyes $86,600 and $97,300 Next
As Bitcoin looks towards a bullish close to 2024, historical data indicates that the price of Bitcoin has typically risen by an average of 82% in the fourth quarter. So far, BTC has only increased by 11% in the first month of Q4, signaling a positive long-term outlook for Bitcoin.
Immediate support and resistance levels are set at $66,200 and $69,300, respectively. If these levels are surpassed, BTC could rise to around $78,000 before adjusting back to $73,000. Depending on the outcomes of the elections favoring the crypto sector, BTC could potentially surge to $88,600 or even $97,300, confirming a substantial price rally.
This optimistic forecast may be challenged if bears can push BTC’s price below the parabolic trend. There remains one opportunity for a retracement that keeps the price within the ascending channel before it rises again.
If BTC falls outside of the parabola, it could jeopardize this balance, although it would still be considered bullish as long as prices remain above $66,200 or within the upward channel.
DISCLAIMER: The content in this article is based on current events, technical charts, company news releases, and the author’s views. It may contain inaccuracies, and you should not base your investment decisions solely on the information presented here.
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