The post Here’s Why Bitcoin (BTC) Price Surged Above $66,500 & is Expected to Form a New ATH in October appeared first on Coinpedia Fintech News
Bitcoin surged while the other altcoins were consolidating and currently, the price is dumping harder than them. While some of the altcoins are maintaining a steep ascending trend, Bitcoin flashes the possibility of a bearish pullback. This could be a signal for a potential trend reversal, which is believed to outperform many of the altcoins in the coming days.
Why is the BTC price primed to trigger a bullish rebound?
Firstly, the markets are about to enter the last quarter of the year, which has been bullish in the past. Therefore, the growing optimism around the token is believed to revive a strong ascending trend ahead. Besides, the recent rise is believed to be an outcome of the consistent growth of stablecoins within the markets.
Source:X
In the past week from September 23 to 28, the stablecoins market capitalisation has seen consistent growth. This could be a key driver of Bitcoin price movements, as more liquidity usually means higher BTC prices. This suggests the market participants are bullish on Bitcoin and hence, regardless of the current price action, the price is believed to remain bullish for a longer time frame.
However, Bitcoin continues to maintain a strong uptrend regardless of the prevailing market trend on the daily timeframe. The token is holding up on the support trendline as the hidden bullish divergence is created while there is a higher low on BTC and a lower low on RSI. Therefore, one can be bullish on Bitcoin despite a consolidated quarterly close, as the market dynamics may change in the coming days.