Bitcoin (BTCUSD) has been on a strong upward trend since September 6 after rebounding from a support level of $52,509.97. The upward movement gained momentum as bullish signals emerged, including a key reversal pattern and a “Golden Cross.” Additional technical indicators show growing market optimism, signaling a potential continuation of the rally.
On the fundamentals side, Bitcoin’s recent surge has also been fueled by election-related optimism, with candidates pledging support for a crypto-friendly regulatory environment.
High Impact Economic Events
Wednesday 12:45 am (GMT+3) – New Zealand: CPI q/q (NZD)
Wednesday 09:00 am (GMT+3) – UK: CPI y/y (GBP)
Thursday 03:30 am (GMT+3) – Australia: Employment Change (AUD)
Thursday 15:15 (GMT+3) – Europe: Main Refinancing Rate (EUR)
Thursday 15:30 (GMT+3) – USA: Retail Sales m/m (USD)
Thursday 15:30 (GMT+3) – USA: Unemployment Claims (USD)
Friday 09:00 am (GMT+3) – UK: Retail Sales (GBP)
Chart Analysis

The BTCUSD has been surging since September 6, when it bounced off the support area of $52,509.97. The formation of a bullish reversal, known in technical analysis as a failure swing, intensified the upward momentum.
Specifically, the trough of 57486.65 failed to drop below the previous trough, and subsequently, prices exceeded the peak at 60594.64, hence a failure swing. Additionally, the uptrend was further reinforced by the formation of a “Golden Cross,” where the 20-period Exponential Moving Average (EMA) crossed above the 50-period EMA, with prices trading above both moving averages. Supporting the bullish sentiment, the Momentum oscillator crossed above the critical 100-line, and the Relative Strength Index (RSI) moved above 50, signaling increasing bullish pressure in the market.
Key Resistance Levels
Should the buyers maintain market control, traders may direct their attention toward the four potential resistance levels below:
67797.44: The initial resistance level is identified at 67797.44, which aligns with the 161.8% Fibonacci Extension derived from the swing high of 64375.70 and the swing low of 58838.90.
70917.77: The second price target is seen at 70917.77, representing the weekly resistance (R3) estimated using the standard Pivot Points methodology.
73864.24: The third price objective is projected at 73864.24, which aligns with a confluence of technical factors, including a weekly high and the 261.8% Fibonacci Extension derived from the swing high of 64375.70 and the swing low of 58838.90.
82292.78: An additional price target is established at 82292.78, representing the 423.6% Fibonacci Extension derived from the swing high of 64375.70 and the swing low of 58838.90.
Key Support Levels
Should the sellers take market control, traders may consider the four potential support levels listed below:
66382.92: The initial support level is established at 66382.92, reflecting the peal marked September 27.
64375.70: The second support level is identified at 64375.70, representing the swing high from October 7.
62109.43: The third support level is seen at 62109.43, corresponding to a weekly Pivot Point calculated using the standard methodology.
58838.90: An additional downside target is noted at 58838.90, reflecting the swing low formed on October 10.
Fundamentals
Bitcoin remains up over 11% in the past four days, outperforming global stocks and gold. The surge has been fueled by election-related sentiment, with Kamala Harris pledging support for a crypto regulatory framework, while Donald Trump has vowed to make the US. the “crypto capital.” US spot-Bitcoin ETFs attracted $556 million in inflows, the highest since June. Historically, October has been a strong month for Bitcoin performance, according to Bloomberg.
Conclusion
Bitcoin’s upward momentum since early September has been driven by both technical and fundamental factors, including key reversal patterns and strong market sentiment tied to the upcoming US elections. With bullish indicators like the “Golden Cross” and growing investor optimism, Bitcoin remains well-positioned for further gains. However, traders should remain mindful of key resistance and support levels as potential turning points. As economic events unfold and the election draws closer, Bitcoin’s performance will likely continue to be influenced by both market conditions and external factors such as regulatory developments and macroeconomic data.