Bankless · Friday, October 2, 2026
The Bitcoin weekly and monthly candles have closed above previous May highs, marking the highest prices since early January. This technical breakout, confirmed by a second weekly close above the 50-week moving average, suggests a potential green light for a bullish "Uptober." The market structure has fundamentally shifted upwards, indicating the early stages of a bull phase, despite ongoing concerns about rising bond yields.
“The weekly Bitcoin candle and in addition to that, the monthly Bitcoin candle both closed above the previous May high.”
“We got a second weekly close, what you just said, above the 50-week moving average, which is 76.8K. And we got a close above that 84.5K.”
“And if this overall structure, the structure that you said has broken now in an upward direction, broken the back of the bear market, if that doesn't hold, After these, you know, monthly averages are locked in, then it will be the first time ever it hasn't hold it. So that feels like a good foundation from a crypto market structure to just say we are in the early bull phase.”