Bitcoin price is nearing its all-time high as the Uptober rally gains steam. It jumped to a high of $123,880 today, a few points below the all-time high of $124,400. It has jumped by 14.53% from its lowest level in August.
Bitcoin Price Murrey Math Lines Analysis
The daily timeframe chart shows that the Bitcoin price bottomed at $107,622 in September and then rebounded to a high of $123,880 today.
It moved above the important resistance level at $117,918, the highest point on September 16, and the neckline of the double-bottom pattern at $108,000.
The rebound happened as the BTC price formed a bullish flag pattern, which is characterized by a vertical line and a descending channel. It moved above the upper side of this pattern earlier this week, confirming the bullish breakout.
READ MORE: Cardano Price Prediction: Aims for $1 Ahead of ADA ETF Approval
Bitcoin price has moved above the Ichimoku cloud and all moving averages. Also, the Relative Strength Index (RSI) and the MACD have all pointed upwards.
Meanwhile, the coin has moved above the weak, stop & reverse point of the Murrey Math Lines tool. Therefore, the next level to watch will be at $125,000, the ultimate resistance of this tool.
A break above that resistance will push it to the overshoot level at $128,125 followed by the extreme overshoot point at $131,250. That move will be a 7.6% jump from the current level.
The bullish Bitcoin price forecast will become invalid if it drops below the support at $118,000.
BTC price chart | Source: TradingView
Why BTC Price is Soaring
There are a few reasons why the Bitcoin price is in a strong bull run this week. First, in addition to its strong technicals, the coin is soaring as the odds of Federal Reserve interest rate cuts rise after the recent ADP jobs report.
The report showed that the economy lost over 36,000 jobs in September. The official jobs report did not come out on Friday because of the ongoing government shutdown. Nonetheless, analysts expect the labor market to weaken further as Trump has vowed thousands in layoffs.
Second, the BTC price has jumped because of the ongoing shutdown, which has pushed more investors to safe-haven assets. Many investors are seeing Bitcoin as a haven asset.
Further, the coin has jumped because of the soaring ETF inflows, which have jumped by over $2.25 billion this week. Cumulative inflows have jumped to a record high of $60 billion this week.
READ MORE: Binance Coin Price Prediction: Can BNB Hit $1,500 in Uptober?
