Bitcoin (BTC) price rose above the $65,000 mark on Oct. 14 as analysts argued that BTC’s rise above $63,000 signaled more upside for the cryptocurrency.
Data from Cointelegraph Markets Pro and TradingView showed that Bitcoin rose from a low of $62,450 on Oct. 14, rising as much as 4.2% to an intra-day high of $65,090. At the time of publication, Bitcoin was trading at $64,795, up 3.3% over the last 24 hours.
BTC/USD daily chart. Source: TradingView
Let’s look at the factors driving the price of Bitcoin higher today.
Bitcoin successful rests of “range-low” as support
Bitcoin’s price rally today is part of an ongoing recovery that began on Sept. 6, which has seen BTC rise more than 23% from a low of $52,546 to the current price of $64,795.
According to popular trader Rekt Capital, this move saw the big crypto move above a crucial support level above $65,000, followed by a successful retest of this zone during the latest uptick in October.
“Bitcoin has successfully retested the Range Low as support this October,” Rekt Capital said in an Oct. 14 post on X.
“The Range Low has been an almost 8-month confluent support with the old All Time High area (green)”
BTC/USD weekly chart. Source: Rekt Capital
At the time of publication, the BTC price was trading above this important range, the 200-day simple moving average (SMA), at $63,351.
“Today BTC breaks out from the $63,500 trend and support area,” independent crypto analyst Bullish Traders said in an Oct. 14 X post.
According to the analyst, breaking above this barrier signals an end to the uptrend that saw Bitcoin lose the 200-day SMA multiple times since turning away from its all-time high in March.
“I think finally the price is about to hit and break the downtrend to rise toward $71,165 as the next short-term target.”
BTC/USD daily chart. Source: TradingView
Liquidation data from CoinGlass showed liquidity bid orders totaling $51.57 million, sitting around $63,500, reinforcing the robustness of this support level.
BTC liquidation heatmap (screenshot). Source: CoinGlass
As such, the next big barrier for the bulls is sitting between $65,000 and…
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