Uptober Might Not Be Guaranteed for Bitcoin (BTC), But Top Traders Are Bullish

A top-tier trader known as the "Byzantine General" recently said that Bitcoin does not look bad at all, citing several important positive indicators. His observation is that there appears to be strong demand for Bitcoin on the spot market, as evidenced by the healthy spot premium that it has been showing. However, it is not a guarantee of an "Uptober bullrun."

Furthermore, it appears that the price is resilient to future declines, as it is rebounding off support levels. On the other hand, caution is required. Although Bitcoin's price has leveled off close to its support, there are some contradicting signs in the larger picture. Open interest volatility suggests there may still be a great deal of market uncertainty; the trader's optimistic assessment depends on maintaining the current levels.

BTC/USDT Chart by TradingView

Key price levels to watch include the $62,000 support, which has held firm during recent pullbacks. If Bitcoin falls below this, it might signal a change in direction toward a bearish phase. However, $65,000 stands in for a crucial level of resistance. If it is broken, bullish momentum may be rekindled, bringing Bitcoin one step closer to the much-anticipated $70,000 mark. 

Lastly, a resistance level around $68,000 is a little farther away but just as significant. In the past, Bitcoin has had trouble continuing its upward trend above this range. To see if Bitcoin moves into a consolidation phase or a bullish phase, it will be important to monitor how the market responds during these intervals.