Bitcoin (BTC) has had a slow start to October, but on-chain and technical indicators suggest that things could be looking up for the bulls. According to data from CryptoQuant, centralized exchanges now hold 2.8 million BTC, the lowest amount since November 2018. This is a major bullish catalyst as it reduces the amount of sell-side pressure. Also, over the past four days, Bitcoin has bounced off its 50-day simple moving average ($60,589), forming a higher low. If Bitcoin can continue to hold above its 20-day EMA ($62,237), the momentum could strengthen, taking the BTC/USDT pair towards $66,500. If the buying pressure persists, $70,000 could also come into play. Conversely, if Bitcoin loses the 50-day SMA, the pair could drop to $57,500. Technical analysis also suggests that if Bitcoin continues to climb, altcoins such as APT, WIF, FTM, and BGB are likely to follow suit.