Analyst: Bitcoin needs to hold $69,000 to be considered a bullish breakout of the current range

Omkar Godbole, market analyst at CoinDesk, said Bitcoin needs to break out and hold above $69,000 to be considered a bullish breakout of the current range. A breakout would mean the resumption of the broader uptrend from the October 2023 low and shift the focus to the $100,000 price target expected by options traders. Sideways movement can be interpreted as an accumulation period (investors slowly buy supply without significantly pushing prices) or a distribution period (they sell off their holdings in a similar controlled manner). Such situations usually lead to subsequent periods of high volatility. Uncertainty about the U.S. election, rising Treasury yields and the extension of the Mt. Gox repayment deadline to October 2025 have contributed to the subdued price action for Bitcoin. Bitcoin is moving out of the seasonally weak August and September (during which investors typically don't make big moves) and into a historically bullish October. CoinDesk's analysis shows that most of October's gains usually occur in the second half of the month, usually after October 16.