Bitcoin has had an impressive rally since the beginning of September, rising 31% from local lows around $53,000. However, after testing the $69,500 supply level, the cryptocurrency is facing selling pressure. Still, Bitcoin remains sturdy, holding above its previous high of around $66,000, a key level in determining its next move.

Key data from CryptoQuant shows that despite the bears’ recent attempts, the bears are losing control in the futures market. The key indicator rose for the first time since July, suggesting that current selling pressure may not be enough to push Bitcoin lower.

With Bitcoin in a critical phase, a hold above the $66,000 level would indicate continued strength and a continued uptrend for the coming weeks. Investors are watching closely as Bitcoin’s ability to hold above this support could pave the way for recent highs and further momentum in the bullish cycle.

Bitcoin Taker buyers are starting to breathe

Marketunn cryptocurrency analyst shared the latest data from CryptoQuantrevealing that buyers adopting Bitcoin in the futures market have been struggling to gain an advantage over adopting sellers throughout the past year. Maartunn highlighted a chart showing that BTC net recipient volume turned positive for the first time since July, signaling a potential change in dynamics.

The current trend change suggests that bears are starting to lose control of Bitcoin’s price action and buyers are starting to gain strength.

This data points to an accumulation phase during which Bitcoin’s price has been suppressed by enormous investors, preventing it from making significant gains or setting recent monthly lows. The fact that BTC did not record recent lows despite previous bearish pressure reinforces the view that the accumulation period may be over and a recent phase of growth may be on the horizon.

The coming weeks will be critical for Bitcoin, especially with the upcoming US presidential election scheduled for November 5. Historically, elections bring volatility and uncertainty to financial markets; this year is no exception.

Broader market trends are likely influencing Bitcoin’s price action, and investors are closely watching how BTC reacts to these developments. If Bitcoin continues its upward momentum, it could see a surge to recent highs in the weeks following the election.

Key support in BTC testing

Bitcoin is currently trading at $66,400 after rebounding strongly from its recent high of $69,500. The price is currently finding support at $66,000, which was a key resistance in behind schedule September and has since turned into a key demand zone for BTC. This support is imperative for the bulls to maintain control, as staying above $66,000 signals strength and maintains momentum before another attempt to break the $70,000 barrier.

If Bitcoin can hold above this support level, the next logical target would be to break the resistance at $70,000, which has proven challenging to break. A successful breach of this level would likely trigger further gains, potentially driving BTC into recent price discovery.

However, if the price exceeds $66,000, there could be a return to lower demand levels. In this case, the 200 daily moving average at $63,300 is another key area where Bitcoin could find support before the uptrend resumes. The coming days will be crucial in determining whether BTC can maintain its upward trajectory or if a deeper pullback is on the horizon.

Featured image from Dall-E, chart from TradingView