Why is Crypto Going Up? Is ‘Golden Cross’ Bitcoin About to Go Parabolic?

Bitcoin price has been wavy in the first week of October. After a stellar September, which saw the coin soar to as high as $66,000, prices collapsed on October 1, and bulls have been struggling ever since – so why is crypto going up?

Local support is at the psychological $60,000 line. For now, pockets of strength could signal the continuation of September bulls.

#BTC

The October Monthly Candle is looking promising $BTC #Crypto #Bitcoin pic.twitter.com/Z5iJR6gxBL

— Rekt Capital (@rektcapital) October 7, 2024

Bitcoin Price Displays Uncertainty In Early October

Considering the historically bullish October, traders are upbeat, expecting the coin to not only rip above $66,000 and $72,000 but also breach March 2024 highs of around $74,000.

Technical candlestick factors must be considered, especially now that bulls are resilient, rejecting attempts for lower lows.

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The local resistance is at an October 1 high of around $64,000.

Looking at the daily chart, it is wide-ranging and bearish, backed by decent trading volume.

A convincing close, ideally by the end of the day, would likely form the base for a leg up that may see the coin grind higher, conquering September highs.

One analyst has picked out a “golden cross” formation in the weekly chart. If it prints out, there will only be more upsides for the world’s most valuable coin going forward.

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Moreover, factoring in the demand for BTC from institutions, primarily through spot Bitcoin ETFs .

Additionally, reserves on exchanges like Coinbase continue to dwindle.

( Source )

Combined, the probability of the coin soaring above the local resistances remains elevated.

After Solid NFP Data, Eyes On CPI and FOMC Minutes: Will Bitcoin Price Rally?

Beyond this, there are core fundamental factors to explore. Top of the list is the macroeconomic events in the United States. Last week, the NFP data showed that the labor market is improving, fueled by the growing optimism about the economy.

Considering the significance of the labor market, especially now that it is a metric the Federal Reserve closely monitors, its growth boosts investor confidence, catalyzing the risk-on sentiment and potentially bolstering Bitcoin price.  

Based on recent positive macroeconomic releases, there is growing confidence that the Federal Reserve will slash rates in November. For this reason, the FOMC minutes set for release on October 9 will provide valuable hints.

At the same time, if CPI, set for release on October 10, drops in alignment with economist’s expectations, Bitcoin and other risk-on assets will benefit massively. Economists expect inflation to fall yearly from 2.5% to 2.3%.

 

In September, the Federal Reserve unexpectedly slashed rates by 50 basis points while indicating their willingness to cut rates some more in Q4 2025 through early 2025 now that inflation is falling. Interestingly, their focus is on the economy having a “soft landing” and preventing a recession.

Crypto All-Stars: A Bitcoin Beta Play To Watch

As the economy turns to risk on, Bitcoin will likely benefit. However, other altcoins, especially quality projects with relatively low market caps, can easily be 100X.

Crypto All-Stars is closely being monitored as a beta play should BTC soar.

In the ongoing presale, over $2 million has been raised.  

 

Each STARS is available for $0.0014828 but will increase as the presale progresses.

What’s cool about the project is its MemeVault feature, which allows users to stake meme coins and earn STARS rewards. Meme coin stakers are also free to stake the earned rewards for even more tokens.

Currently, STARS stakers receive an annual yield of 717% APY –one of the highest in the industry.

VISIT CRYPTO ALL-STARS HERE

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.