Bitcoin Price Analysis: BTC Spikes to 5-Month High, What Are The Next Levels to Watch?

October has been exciting for the bulls as BTC continues to push above multiple major resistance levels. The first week of the month isn’t even complete, and BTC has already reached an intra-week high of $55.4K, just entering into the critical $55k to $58k zone of resistance. Since the higher low at $40.7k, Bitcoin managed to rally over 36% to today’s intraday highs. During the weeks of risk-off, Bitcoin managed to hold the deepest higher low at $40.7k, which we covered and started to form sub Wave 3 to the upside. BTC continued to outperform stocks even with risk-off, managing to reclaim key resistance levels and print higher highs. It also managed to push above a major downtrend line around $50.8k, with a successful backtest of support before soaring up to $55.4K. Holding above the downtrend line and following through higher will likely validate the powerful breakout. Chart by TradingView Chart by TradingView Third-Largest Whale Moves 3,000 BTC to Coinbase The pace of the BTC rally is picking up even as the third-largest BTC whale transferred 3,000 BTC to Coinbase yesterday. The whale entity has purchased 15,227 BTC between $50k to $58.2k earlier this year, roughly 12% of its total BTC position. Although this is not a large percentage of total holdings, we can expect the entity to distribute, especially if BTC starts testing $55k to $58k, a major technical and on-chain zone of resistance. Chart by Bitinfocharts The whale entity is likely to break even or realize a small profit between $50k to $58k, likely to reduce risk and rebalance. It is important for the bulls to continue stepping in to absorb supply from this entity along with other remaining sellers who purchased BTC between $50k to $58k. Once the supply is fully absorbed, the bullish trend in on-chain strongly suggests Bitcoin is likely to push higher and potentially make new all-time highs. Wyckoff Accumulation Potentially Completing Phase D Wyckoff Accumulation continues to hold a larger structure and recently formed the BU/LPS or higher low at $39.6k before BTC soared to $55.4K, signaling a potential completion of Phase D.…

Source: Bitcoin Price Analysis: BTC Spikes to 5-Month High, What Are The Next Levels to Watch?

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