Bitcoin Sends Buy Signals While Sustaining Uptober Price Rally

• Bitcoin price factored in an additional 0.42% increase in the last 24 hours. 
• The cryptocurrency has seen several whale movements over the past few days as per reports.

As another day dawns, several firms released cryptocurrency data for Q2 and other reports. According to Aspen Digital’s research, 94% of Asian private wealth owners are interested in digital asset investments. Relatedly, in Thailand, Siam Commercial Bank became the first to offer stablecoin-based cross-border payment services. 

Meanwhile, reverting to the market itself, prices have sustained bullish movements, reassuring investors. The largest cryptocurrency, Bitcoin, in particular, has shown significant progress in prices. In the last 24 hours, BTC revisited $68K momentarily, eliciting much applause from the community.  

Bitcoin has factored in an additional 0.42% price increase in the past day. The token hit a low of $66,938 on the morning of October 16. Following this, factoring in the price fluctuations, it progressively hit $67K and is currently trading at this level. At the time of writing, Bitcoin was trading at $67,381 as per CMC data. 

This price action has instigated a buy signal in the cryptocurrency as indicated by several market movements. Firstly, the token’s RSI stands at 66.77 which leads to an inference of Bitcoin leaning towards a slightly overbought situation. 

Additionally, in the past day, several BTC whales have exhibited movements according to Whale Alert reports. Particularly, one whale showed activity after nearly 13.3 years of dormancy. 

What are Technical Indicators’ Specifications for Bitcoin Price? 

On inferring Bitcoin’s daily monthly price chart, the candles depict an ascending channel pattern. This pattern indicates an existing bullish trend in the token. Moreover, the bull run is further highlighted by the bull power indicator’s value – 1.48. Meanwhile, the bear power indicator’s value stands at 0.52 as per TradingView data. 

BTC/USDT Daily Price Chart (Source: TradingView)

These indicators suggest a positive sentiment for Bitcoin which also falls in line with market analysts’ predictions. Furthermore, historical data suggested that bull cycles began in October thus the Uptober rally expectations. If Bitcoin price intersects with community expectations it can be expected to inch closer to its ATH in the coming months. 

Meanwhile, other cryptocurrencies such as Ethereum and Solana have also followed Bitcoin with bullish price movements. 

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