**Bitcoin Soars to $66K: Has 'Uptober' Officially Started?**

Bitcoin's recent price surge has caught the attention of both investors and analysts as it climbed past $66,000. The milestone, reached after the Wall Street opening on Oct. 14, marked a gain of over 3% for the month. Analysts are now questioning whether the bullish trend known as "Uptober" has officially begun.

Market data from Cointelegraph Markets Pro and TradingView showed that Bitcoin's price jumped close to 5% in just one day. This continued a strong finish from the previous week, with BTC/USD approaching two-week highs. Whale-buying pressure played a significant role, particularly as trading in Asia set the tone for the day in the United States.

Material Indicators, a trading resource, highlighted that Bitcoin whales are active once again, buying up Bitcoin at current levels. Observers are watching closely to see if large buyers will step in to overcome resistance at around $65,500. As Bitcoin headed toward $66,000, it rapidly reclaimed key trend lines as support, including the 200-day moving average and the short-term holder cost basis.

Popular analyst On-Chain College noted that these levels are crucial for maintaining a bullish market. Additionally, Cointelegraph had previously identified $65,000 as a significant level that bulls needed to flip to support in order to maintain a longer-term upward trend.

Meanwhile, trader Skew described the current price range as highly significant, stating that breaking and sustaining above $65K is crucial for the market. This sentiment was echoed by trading firm QCP Capital, which expressed optimism for stronger market performance going forward.

QCP pointed out that historical trends favor a strong finish to October. In both 2016 and 2020, Bitcoin saw significant rallies shortly before US Election Day, leading to substantial gains by early January of the following year. With average October gains since 2013 standing at 23%, the latest price movement has infused the market with renewed optimism.

Though the current rally has provided a glimmer of hope, it comes with a caveat: investing and trading involve risk, and individuals should conduct their own research before making decisions.