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Is Bitcoin’s ‘Uptober’ Beginning or Will Today’s Rally Fizzle Out?

Bitcoin surged to $66,300 on October 14, but questions remain about whether this signals a lasting trend change or another rally capped by resistance.

• Main Points:

  • BTC hits $66,300: Bitcoin rallied strongly, but resistance at the $65K–$66K level remains unbroken.

  • Futures-driven rally: A surge in funding rates and open interest helped push BTC higher as short sellers were forced to buy.

  • Options market signals: Investors are betting on higher BTC prices, with popular strikes ranging from $75K–$100K for Q4.

  • Caution on trend reversal: Analysts warn resistance above September’s highs could limit further gains.

• Detailed Insights:

  • Bitcoin rally stalls at resistance: For seven months, Bitcoin has struggled to break above key resistance levels, and the $65K–$66K range is proving difficult once again. Despite the price touching $66,300, BTC has yet to close a day above the descending channel’s trendline, leaving uncertainty about whether the rally will continue.

  • Futures market influence: The rally was fueled by futures market activity, with short sellers forced to cover their positions as BTC surged. This was evidenced by spikes in open interest and funding rates during the price move.

  • Options market optimism: According to crypto options experts, investors are growing more bullish. There is increased interest in call options with strike prices between $75K and $100K for Q4, reflecting rising confidence in a potential breakout by year’s end.

  • Analysts cautious: While optimism is growing, resistance remains strong. Bitcoin traders should expect further price fluctuations as sell walls in Coinbase’s order book could prevent a clean breakout. Analysts suggest that although a breakout to new all-time highs is possible in Q4, traders should still anticipate a range-bound market for now.

Related: ‘Like Bitcoin on Steroids’ — Why MSTR Stock Trades at a 2.7x Premium

Bitcoin’s recent rally is promising, but it faces significant resistance that could stall further gains unless bulls can sustain momentum.

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Why Is Dogecoin Price Up Today?

Dogecoin’s price surged by over 4.5%, driven by easing Middle East tensions, optimism around Wall Street earnings, and Kamala Harris’s pledge for clearer crypto regulations in the U.S.

• Main Points:

  • DOGE price up 4.5%: Dogecoin climbed to $0.116, boosted by broader market optimism.

  • Middle East tensions easing: Reduced conflict concerns between Israel and Iran helped fuel a risk-on rally in the crypto market.

  • S&P 500 earnings optimism: Better-than-expected corporate earnings also played a role in lifting Dogecoin’s price.

  • Kamala Harris supports crypto regulation: Harris’s pro-crypto regulation stance created bullish sentiment in the market.

• Detailed Insights:

  • Easing geopolitical tensions: Dogecoin’s price jump coincided with positive news around easing tensions in the Middle East. Investors also reacted to optimism around the S&P 500 hitting new record highs for the 46th time in 2024, which further fueled the broader crypto market rally.

  • S&P 500 earnings: Despite earlier concerns, investors are now positioning for upside surprises in upcoming S&P 500 earnings reports. Analysts expect a 4.2% rise in earnings for the third quarter, contributing to the renewed risk appetite that lifted Dogecoin.

  • Kamala Harris’s crypto stance: U.S. presidential candidate Kamala Harris pledged to support clearer regulatory frameworks for cryptocurrencies, particularly to protect minority investors. Her balanced approach to regulation has been well-received by the crypto community, adding momentum to Dogecoin’s rise.

  • Technical factors: Dogecoin’s price rebound also comes after testing the lower trendline of a multi-week ascending channel. If DOGE closes above the 200-day EMA at $0.116, it could target $0.141, while failure risks pulling the price back to the $0.109 level.

Related: 4 Factors That Could Move Bitcoin’s Price This Week

With improving market sentiment and political support for crypto regulations, Dogecoin’s price could continue to see gains in the near future.

BlackRock’s Fink: Bitcoin Is an Asset Class, Like Gold

Larry Fink, CEO of BlackRock, recognizes Bitcoin as a legitimate investment asset, comparing it to gold. He expressed optimism about Bitcoin’s growth and the broader acceptance of cryptocurrencies.

• Main Points:

  • Fink’s endorsement: Larry Fink confirms Bitcoin’s legitimacy as an asset class, likening it to commodities like gold.

  • Bitcoin’s potential growth: Fink highlighted the impact of cryptocurrencies and blockchain technology on global finance.

  • Critics challenged: Prominent figures like Nate Geraci called out those who still label cryptocurrency as a scam.

  • BlackRock ETF success: The iShares Bitcoin Trust (IBIT) saw $23 billion in inflows, while the iShares Ethereum Trust (ETHA) also attracted $1 billion within months of launching.

• Detailed Insights:

  • Bitcoin as an asset class: During BlackRock’s Q3 2024 earnings call, Larry Fink emphasized Bitcoin’s growing role in the investment landscape, stating that it now stands as an asset class in itself. He likened Bitcoin to gold, recognizing its legitimacy as a store of value and its potential to revolutionize global finance through blockchain technology.

  • Criticism of skeptics: Crypto advocates like Nate Geraci and Eric Balchunas praised Fink’s support for digital assets, taking the opportunity to criticize those who still view cryptocurrency as a scam. They pointed out that Bitcoin’s rising adoption, particularly in institutional settings, is proof of its legitimacy.

  • ETF success: BlackRock’s iShares Bitcoin Trust (IBIT) has gained $23 billion in inflows since its launch in January 2024, with Ethereum’s equivalent fund also seeing significant growth. Fink expressed excitement about introducing more accessible investment products in the future, underscoring the importance of transparency and liquidity in driving the market forward.

Related: Michael Saylor: Bitcoin's Success

Fink’s support for Bitcoin marks a significant step toward its mainstream acceptance, with BlackRock positioning itself as a key player in the future of digital assets.

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