Today, October 6, 2024, Bitcoin’s short-term outlook is moderately bullish, with some key considerations to watch. BTC is trading around $62,913, recovering from recent declines. The broader market’s optimism is partly driven by a positive U.S. jobs report, which has eased concerns about a significant economic downturn and boosted demand for riskier assets like Bitcoin. This has also influenced inflows into BTC spot ETFs, contributing to positive price momentum.

The technical indicators suggest that if Bitcoin manages to break through the $64,000 resistance level, it could target $66,520, which was the high from late September. A further push could see BTC aim for $69,000 before facing potential overbought conditions, as indicated by its 14-day RSI.

However, the market remains sensitive to external factors, such as geopolitical tensions in the Middle East, which could affect investor sentiment and lead to shifts in demand for Bitcoin as a risk asset. Thus, while the immediate outlook suggests a potential rally, traders should remain cautious of these influences that could shift momentum.