The first four days of October 2021 have been exciting times for Bitcoin bulls, starting this week at approximately $43,000 now five days later BTC is trading $12,000 dollars higher. That equates to a 32.5% increase over the last seven days beating Ethereum’s 25% gain for the same period.

After Friday’s tremendous upside surge that took pricing $5,000 higher, we saw a break above resistance today that BTC closed below on Friday. Therefore, today’s continued bullish momentum can be viewed as just as big as last week’s.

Bitcoin experienced a brief dip to $40,000 last week Friday after the Chinese government implemented a ‘blanket’ ban on cryptocurrencies. This announcement by the Peoples Bank of China doubles down on their announcement made earlier this year that was mainly focused towards mining farms.

In my last article, I wrote about the current unique relationship between gold and BTC. This correlation is one where gold leads BTC by four months. It began at the start of the pandemic and continues still. My mid-term forecast for Bitcoin futures using this relationship can be summed up in a quote from the article published September 13th -

The world’s favorite Cryptocurrency and the world’s favorite metal rarely move in synch. If anything, the two are known for having a negative correlation. But when looking at both markets’ historical price action, I found a relationship that is not so black and white.

Bitcoin as well as their futures on the CME are flirting actively with $50,000 as of 3:30 EST. This is significant because the current rally has been brought to a halt unable as of yet to breach this key phycological resistance area on a closing basis.

Bitcoin broke above the resistance that had been curtailing its move up to $50,000. At approximately 6 PM EST BTC futures are trading up 4.13% or $2,015 at $48,715. All through this week, when alt. coins were rallying, BTC retested its support at $44,000 made up by the 100-day M.A. and the 38% retracement level.

Bitcoin’s rally has slowed down in the past few days, consolidating above a key level. Currently Bitcoin futures basis the Comex continuous contract (BTC #F) is trading up $880 or 1.9% at $46,375.

With BTC showing solid strength after yesterday’s gains, it appears as though there is nothing stopping us from getting to $44,000. As of writing, 4:22 PM Eastern standard Time BTC is poised to close near its highs on the day and solidly above resistance at $40,000. However, the next level of minor resistance is $42,000 which was only $500 or so away from today’s high.

As of 5:30 PM, EST BTC futures are trading up 4.68% ($1,775) on the day and trading at $39,740. This puts pricing right up against resistance at $40,000, an area that BTC has yet to solidly close above since falling below it on May 19th. There is also resistance at $42,000 and at $44,000, but a break above $40,000 would be significant and likely signal the start of another rally in Bitcoin.