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BTC Price Eyes Sub-$65K Hurdles as Metric Signals Bitcoin ‘Going to Rip’

Bitcoin rose to multi-day highs near $63,500, signaling bullish momentum. Market indicators suggest Bitcoin could surge higher, with key resistance levels at $65K in sight.

• Main Points:

  • BTC near $63,500: Bitcoin gained 1.5% on Oct. 12, climbing toward key resistance levels.

  • Resistance levels: Traders are watching $63,330 and $65,000 as crucial breakout points.

  • Bullish indicators: Strong RSI and spot demand support a potential move higher.

  • Stablecoin market cap: A declining stablecoin-to-Bitcoin market cap ratio signals a possible upcoming bull run.

• Detailed Insights:

  • BTC tests key resistance: After testing support at $60,000 earlier in the week, Bitcoin made gains during the Oct. 11 Wall Street session, rising toward $63,500. Traders are now eyeing resistance at $65K as a pivotal level for a breakout.

  • Key price levels: Analysts highlight $62,850 (monthly open) and $63,330 (weekly open) as critical battlegrounds. Clearing these levels could lead to further upside, with the 200-Day Moving Average and the 2021 Mid-Cycle Top at $64,900 acting as major resistance points.

  • Market sentiment bullish: Indicators such as the Relative Strength Index (RSI) above 50 and increasing spot demand suggest that Bitcoin may continue to rise, possibly breaking the $64K–$65K resistance in the coming days.

  • Stablecoin signal: A Bitcoin analytics account flagged a declining stablecoin-to-Bitcoin market cap ratio, a bullish signal that could precede a strong Bitcoin rally. If this trend continues, analysts predict a sharp price increase, followed by a longer-term uptrend reversal.

Related: 3 Key Metrics Signal Possible 'Up Only' Season for Altcoins

Bitcoin’s next few days will be crucial, with traders closely watching for a breakout above $65K, which could spark a new all-time high and altcoin rally.

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Michael Saylor’s Bitcoin Strategy Is a ‘Betrayal’ of Core Crypto Principles, Says Craig Wright

Craig Wright, who claims to be Bitcoin’s creator, has criticized Michael Saylor’s Bitcoin strategy, accusing him of distorting Bitcoin’s original vision by centralizing control through his company, MicroStrategy.

• Main Points:

  • Wright’s criticism: Craig Wright accuses Saylor of betraying Bitcoin’s principles by building a centralized “Bitcoin bank.”

  • MicroStrategy’s role: Saylor aims to position MicroStrategy as a major Bitcoin finance company, holding $150 billion in BTC.

  • Philosophical divide: Wright argues that Bitcoin was meant to eliminate intermediaries, not empower them through corporate control.

  • Saylor’s Bitcoin vision: Saylor sees Bitcoin as “digital gold,” while Wright claims it was never meant to be a store of wealth.

• Detailed Insights:

  • Wright’s accusations: In a post on X, Wright condemned Saylor’s efforts to turn MicroStrategy into a “Bitcoin bank,” accusing him of betraying Bitcoin’s core mission by centralizing control. Wright argued that Bitcoin was designed to eliminate intermediaries, not create them, and that Saylor’s approach distorts Bitcoin’s purpose.

  • MicroStrategy’s Bitcoin strategy: Michael Saylor’s company has accumulated billions in Bitcoin, positioning itself as a leading corporate holder of the cryptocurrency. Saylor’s goal is to amass $150 billion in Bitcoin, promoting it as a hedge against inflation and a store of value.

  • Debate within the crypto community: Wright’s critique highlights a broader debate within the crypto space about Bitcoin’s true purpose. While Saylor promotes Bitcoin as “digital gold,” Wright and others believe it was meant to facilitate everyday transactions without intermediaries.

  • Wright’s controversial stance: Wright’s claim to be Satoshi Nakamoto, Bitcoin’s creator, remains heavily disputed within the cryptocurrency community, adding further controversy to his statements.

Related: Something Strange Is Happening with Bitcoin and MicroStrategy

The ongoing debate between different Bitcoin proponents reflects deep divisions over the future direction of the cryptocurrency and its original vision.

BNB DApp Volumes Drop 25%—Will BNB Price Follow?

BNB saw a 4.1% price recovery, but falling DApp volumes and weak Binance launchpad results may limit further gains. Investors are cautious as network activity declines.

• Main Points:

  • BNB gains 4.1%: BNB recovered slightly after testing $555 support, maintaining stability despite market-wide declines.

  • DApp activity drops: BNB Chain’s on-chain activity fell 37% in a week, with DApp volumes down 25%, raising concerns for BNB price stability.

  • Network fees plunge: BNB Chain network fees dropped to a four-year low, down 56% compared to the previous week.

  • Launchpad underperforms: Binance launchpad projects face criticism amid disappointing token launches, impacting sentiment.

• Detailed Insights:

  • BNB Chain activity slows: Despite a modest price recovery, BNB’s network activity continues to decline, with DApp volumes dropping by 25%. Leading platforms like PancakeSwap and Uniswap have seen significant decreases in weekly volume, contributing to lower network fees, which fell 56% last week to their lowest level in over four years.

  • Weak total value locked (TVL): BNB Chain’s TVL remains largely unchanged at 8.1 million BNB, while Ethereum and Solana’s networks have shown stronger growth, reflecting BNB Chain’s lagging performance in the broader altcoin market.

  • Binance Launchpad struggles: Recent token launches on Binance’s launchpad, such as Hamster Kombat and Catizen, have seen poor price performance, adding to concerns about BNB’s long-term value. Critics have also raised issues with Binance’s listing fees, potentially reducing the appeal of future projects.

Related: Bitcoin 'Uptober' on Hold — Should You Buy the Dip?

BNB’s future price movement may be constrained by declining network activity and underwhelming launchpad results, despite its recent price recovery.

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