Bitcoin has surged past $66,000, sparking excitement among traders as the “Uptober” rally begins to take shape.
The price gains represent a 5% increase for the day, continuing a rebound that began late last week.
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Data from TradingView showed that BTC/USD rose to two-week highs as demand surged in U.S. markets following an active Asian trading session.
According to Material Indicators, Bitcoin whales have resumed their purchasing at key levels, breaking through a sell wall at $65,500.
Key levels
Key technical indicators, such as the 200-day moving average, have now turned into support levels, strengthening the bull market’s foundation.
Bitcoin's price in relation to the 200-day moving average. Source: Bitbo
Analyst On-Chain College highlighted the significance of reclaiming these trend lines, asking, “Has Uptober begun?”
Since 2013, Bitcoin’s average gains in October have been around 23%, making this month historically favorable for price growth.
