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Bitcoin Eyes New All-Time High as Price Bounces Back to $64K

Bitcoin has bounced back to $64,000 following a 7.3% gain in September, marking the best-ever performance for the month. Traders are confident that dips in BTC price offer strong buying opportunities, signaling more upside potential in the near term.

• Main Points:

  • BTC price rebounds to $64,000: Bitcoin recovered after briefly dipping below $63,000, closing September with a 7.3% gain.

  • Key technical levels hold: Bitcoin remains above the 21-week simple moving average (SMA), a critical mid-term support level.

  • Traders eye dip-buying opportunities: Analysts like Scott Melker and Michaël van de Poppe suggest buying the dip as Bitcoin establishes higher lows.

  • Bullish sentiment prevails: Despite resistance at $65,000, traders see signs of an upward trend continuing into October.

• Detailed Insights:

  • BTC price rebounds to $64,000: Bitcoin retested the $64,000 level on Oct. 1, following a strong September that ended with 7.3% gains—the best performance for the month ever recorded. While Bitcoin failed to flip $65,000 into support, the bullish trend remains intact.

  • Key technical levels hold: Bitcoin’s price held above the 21-week SMA, which is seen as a critical level to avoid further downside. Traders are closely watching for support at $62,700 and resistance at $67,000. Losing these key moving averages could signal weakness, but holding them offers bullish momentum.

  • Traders eye dip-buying opportunities: Analysts, including Scott Melker, believe Bitcoin’s recent dip presents a strong buying opportunity. As Bitcoin closes above $65,000, Melker suggests buying on pullbacks to capture further upside as the market trends higher.

  • Bullish sentiment prevails: With bullish divergence forming on shorter timeframes, traders like Roman expect upward consolidation and stronger price action in the coming days. Michaël van de Poppe is also optimistic, targeting a retest of $60.5–$61.3K before Bitcoin tests its all-time high (ATH).

Related: Bitcoin ATH Bull Run Unlikely if Social Sentiment Runs Too Hot

Despite resistance at $65,000, Bitcoin’s technical indicators and trader sentiment suggest more upside. With dip-buying in full swing, the next push could see Bitcoin retesting its all-time high in the near future.

Bitcoin-Curious Michael Dell Sells $1.2B in Dell Stock

Michael Dell sold 10 million shares of Dell Technologies worth $1.22 billion, marking his second large stock sale in September. The sale comes amid Dell Technologies’ strong year, fueled by demand for AI hardware. Dell has also sparked speculation about a potential interest in Bitcoin through recent cryptic social media posts.

• Main Points:

  • $1.22 billion stock sale: Michael Dell sold 10 million shares of Dell Technologies, his second large sale in September.

  • Strong year for Dell Technologies: The company’s stock is up 58.5% this year, driven by demand for AI servers and its recent re-entry into the S&P 500.

  • Bitcoin speculation: Dell’s cryptic posts on social media about scarcity and Bitcoin have fueled speculation that he may be exploring Bitcoin personally or for his business.

  • Dell still holds over $2 billion in stock: Despite the sales, Dell retains over 16.91 million shares, worth more than $2 billion.

• Detailed Insights:

  • $1.22 billion stock sale: Michael Dell disclosed the sale of 10 million shares worth $1.22 billion on Sept. 30, his second sale this month following a $1.17 billion transaction just days earlier. Despite the sales, Dell’s stock price has remained stable, with no major negative market reaction.

  • Strong year for Dell Technologies: Dell Technologies has benefited from the surge in AI hardware demand, leading to a 58.5% increase in stock price this year. The company rejoined the S&P 500 on Sept. 24, highlighting its strong performance.

  • Bitcoin speculation: Dell sparked curiosity among crypto enthusiasts with recent posts referencing scarcity, a concept often linked to Bitcoin’s limited supply. His interactions with Bitcoin advocate Michael Saylor added fuel to the speculation, though Dell Technologies has not added Bitcoin to its balance sheet.

  • Dell still holds over $2 billion in stock: Even after selling 20 million shares in September, Michael Dell retains over $2 billion in Dell Technologies stock, maintaining a significant position in the company.

Related: Why Is XRP Price Up Today?

Michael Dell’s recent sales of Dell Technologies stock come amid speculation about his interest in Bitcoin. However, the company’s focus remains on AI hardware, with no signs of cryptocurrency involvement on its balance sheet for now.

3 Reasons the Allegation Falls Short

Recent accusations of a “Binance manipulator” suppressing Bitcoin’s price at $66,000 have gained traction online, but closer analysis debunks the theory. While large trades and market movements are undeniable, common trading strategies and normal market activity better explain the price fluctuations.

• Main Points:

  • Unproven allegations: The theory suggests that a single entity on Binance manipulated Bitcoin’s price, but data indicates normal trading behavior.

  • Arbitrage and hedging: Large futures trades can be explained by standard market practices like arbitrage and hedging, not manipulation.

  • TWAP strategy contradicts manipulation: The use of a time-weighted average price (TWAP) strategy further discredits the manipulation theory, as it’s commonly used to minimize price impact, not manipulate it.

• Detailed Insights:

  • Unproven allegations: Claims of a “Binance manipulator” center around large Bitcoin futures orders and Bitcoin’s rejection at $66,000, but these theories rest on unproven assumptions. While large offers were placed, there’s no evidence that a single entity was attempting to suppress the market, nor can it be confirmed that other accounts didn’t buy these contracts.

  • Arbitrage and hedging: Large trading desks often use futures contracts to hedge against price volatility or execute arbitrage trades. These activities are common and legal. In this case, the large orders could have been part of a hedging strategy, with the entity buying derivative contracts while creating the appearance of selling.

  • TWAP strategy contradicts manipulation: The alleged manipulator used a TWAP strategy, which is designed to break large trades into smaller ones to reduce market impact. This strategy contradicts the idea of manipulation, as it focuses on minimizing price disruption rather than forcing prices down.

Related: 3 Signs Bitcoin Price Isn’t Ready for a New All-Time High

While the “Binance manipulator” theory has gained attention, the evidence points to standard market activity, including hedging and arbitrage. The use of common institutional strategies like TWAP suggests that these actions were more likely part of legitimate trading, not manipulation.

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results