Bitcoin Surges in 'Uptober', Nears All-Time High
Bitcoin is surging in October, a month historically favorable for the cryptocurrency, often dubbed 'Uptober'. BTC is nearing a crucial resistance level and could potentially reach a new all-time high.
BTC is approaching the apex of a symmetrical triangle on its daily chart, with recent daily candlesticks closing between $118,000 and $120,000. This pattern suggests a strong bullish signal. If BTC breaks through this resistance, it could climb towards $128,000.
Institutional activity is ramping up, with investors like Off the Chain Capital and ParaFi Capital, along with prominent supporters such as the Winklevoss twins and Adam Back, driving demand. Companies like MicroStrategy and OranjeBTC are also playing a significant role by adopting Bitcoin as a treasury asset. BTC sits between two major liquidity clusters, at $107,000-$108,000 and $118,000-$119,000, which could act as magnets for price action.
BTC has reclaimed above $117,000, demonstrating robust bullish momentum. This is supported by a weak dollar, institutional inflows, and growing accumulation. Technical and seasonal indicators are aligning in favor of BTC.
As BTC tests local resistance levels, a breakout from the symmetrical triangle could drive prices higher, potentially targeting a new all-time high near $128,000. With institutional activity returning and historical data favoring October, BTC could be poised for a decisive month ahead.
