BTC breaks out of 5-month correction: Hard-won Battle or Pyrrhic Victory?

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The Battle for $69K… is won?

• Friday brought not one but two FUD events that triggered bearish alarms, but Bitcoin quickly absorbed them, using them as fuel to position itself above the $65k-$66.5k zone and providing the strength needed to pass $69k and break $70k.

• This week, we’re looking at three fundamental factors expected to bring market volatility: earnings reports, macro data, and the latest updates on the U.S. election. Bitcoin has finally surpassed $70k and reached above $71k on early Tuesday, marking the first time it reaches this level since early June.

• Now at $73k and just a few USD away from all-time high, it needs to consolidate above this level to turn this hard-won resistance into a launchpad toward a new ATH.

• Our speedometers show that market movement is centered around Bitcoin, with its actions being key to breaking the seven-month-long consolidation. Risk remains at zero, price momentum continues bullish, and fundamentals are in neutral territory. Let’s see what backs Bitcoin as it aims for a new all-time high.

Speedometers indicating the current state of BTC. The full dot represents the current reading and the white dot represents one week ago.

An Overcharged Week.

• This week brings fundamental events with the release of macroeconomic data, starting on Tuesday with JOLTs Job Openings, followed by the U.S. GDP Growth Rate and GDP data from the European Union and its main members on Wednesday, the eurozone inflation rate, and the U.S. Core PCE Price Index on Thursday. To wrap up the week, Friday brings the Nonfarm Payrolls, unemployment rate, and services PMI.

• Let's remember that the Fed has been closely watching employment data, which will be crucial for their upcoming interest rate cut decision the week after the U.S. elections.

Risk Oscillator has remained steady during October.