Bitcoin (BTC) Briefly Touches the $69K Level as the "Uptober" Rally Gains Steam

Bitcoin is already up nearly 9% during this "Uptober" after starting the month with rather disappointing price performance.

Bitcoin price has managed to reclaim the $69,000 level for the first time since late July.

After starting the month with rather disappointing price performance, the leading cryptocurrency has finally managed to gain some ground, surging nearly 9% during "Uptober."

However, the cryptocurrency still remains far from the record highs it reached in March or even April.

As reported by U.Today, Galaxy Digital boss Mike Novogratz has predicted that Bitcoin could surge to $100,000 this year. However, for this to happen, the crypto king would have to smash through the $73,000 resistance level, according to Novogratz.

The bulls have so far made several failed attempts to gain a footing above the crucial $70,000 after Bitcoin peaked at nearly $74,000 in March.

The bears have repeatedly managed to prevent the bulls from breaking through the $71,500 resistance in April, May, and June.

After crashing to the $53,500 level, Bitcoin touched the $70,000 level once again in late July. However, this turned out to be another failure for the bulls.

Now that the U.S. Federal Reserve has started cutting interest rates, there seems to be more bullish momentum. That said, it remains to be seen whether the strength of this momentum will be sufficient to push Bitcoin all the way to record highs.

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