UPTOBER: Bitcoin’s Pump and Higher Low FormationSince May, Bitcoin has been trapped in a bearish price structure, characterized by lower highs and lower lows . Every attempt to break out was met with resistance, pushing the price lower. However, after the August lower low , Bitcoin began a reversal , producing two consecutive higher highs and higher lows . This shift is crucial because it indicates a bullish price structure, meaning the market is finally beginning to move upward again.
While a small reset in Bitcoin’s price from $66K to $60K was expected and I stand here to say, I was wrong and I apologize to fail giving you the other side of the apple for being bearish during my live stream and other documents and shot calls, the retracement was largely influenced by external factors, specifically the geopolitical tensions in Israel. Even though the pullback occurred earlier than anticipated, the market structure remains bullish, and we could soon see Bitcoin break through the $68K resistance level. As the chart shows, Bitcoin has created a solid foundation for this next leg of the rally.
