Bitcoin price has surged above the $65,000 mark after breaking $63,000 on October 14, with analysts arguing that BTC’s rise points to further upside.

Bitcoin rose 4.2% from a low of $62,450 to a high of $65,090 on October 14, according to TradingView data. At the time of publication, Bitcoin was trading at $64,795, up 3.3% in 24 hours.

Let’s look at the factors that are pushing the Bitcoin price up today. Bitcoin’s price increase today is part of an ongoing recovery that began on September 6 and has seen BTC rise more than 23% from its low of $52,546 to a high of $64,795.

According to popular trader Rekt Capital, this move allowed the major crypto to break above the critical support level above $65,000 and led to a successful retest of this area during the last rally in October.

“Bitcoin successfully retested the December Low as support this October,” Rekt Capital wrote in an Oct. 14 post on X.

“The December Low was approximately 8 months of consistent support with the former All Time High area (green).” At the time of publication, BTC price was trading above the 200-day simple moving average at $63,351.

“Today, BTC is breaking out of the $63,500 trend and support area,” independent crypto analyst Bullish Traders noted in a post on X on October 14.

According to the analyst, clearing this hurdle marks the end of the uptrend in which Bitcoin lost the 200-day SMA multiple times after returning from its all-time high in March.

Liquidation data from CoinGlass showed a total of $51.57 million in liquidity demand orders at $63,500, reinforcing the solidity of this support level. Therefore, the next big hurdle for bulls is an area between $65,000 and $66,000, which BTC price failed to overcome in September.

Bitcoin, the largest crypto asset by market cap, drove crypto flows totaling $419 million last week, according to the latest data from CoinShares.

Bitcoin’s recovery at the end of last week allowed BTC flows to turn positive after recording net outflows in the week ending October 4. However, short Bitcoin investment products saw outflows of $6.3 million.

“Blockchain stock ETFs saw one of the largest weekly inflows this year, totaling $34 million, likely in response to recent Bitcoin price increases,” CoinShares said.

The latest inflows continue a trend that began in mid-September and show increased demand for institutional crypto investment products. Accompanying Bitcoin’s performance, major liquidations are taking place in the crypto market.

According to data from CoinGlass, more than $193.2 billion of leveraged crypto positions were liquidated in the last 24 hours and $121 million was liquidated in the last 12 hours.

Short Bitcoin liquidations reached $57.17 million, and this calculation was ongoing at the time of publication. In other words, short traders were caught off guard by BTC’s rise towards $65,000. The largest single liquidation order was a $9.6 million BTC/USD swap on the OKX crypto exchange.