Bitcoin Technicals Signal Bullish Shift as Ethereum Prepares for Glamsterdam

Bitcoin started the week with volatility, climbing to $87,000 before pulling back. The asset recently reclaimed the $86,000 level, nearing an eight-month high. Traders are currently watching the strength of the dollar to determine if the current rally has room to run or if the market will consolidate.

Technically, Bitcoin is showing a positive setup. The 50-, 100-, and 200-day moving averages are moving toward their first fully bullish alignment since 2025. This suggests the three-month recovery remains intact.

On the protocol side, Ethereum developers are set to execute the Glamsterdam upgrade on the Sepolia testnet. This event serves as a dress rehearsal for mainnet implementation, focusing on account abstraction and data availability optimizations.

Several governance votes are concluding this week. Aave is voting on a proposal to allow an outside firm, Sentora, to manage an independent lending market on its platform, with a 50/50 profit split. AirSwap is holding a signaling vote on whether Consensys should pause automated AST token sales if prices drop below a specific threshold. Additionally, Derive is voting on increasing the allocation of protocol fees toward DRV buybacks from 35% to 50%, and Balancer is voting on a treasury resolution regarding the distribution of COW and BAL assets.

Token unlocks are also on the calendar. Canton CC is scheduled to unlock 0.38% of its circulating supply on Oct. 5, valued at $19.18 million. Stable is set to unlock 3.3% of its circulating supply on Oct. 8, worth $24 million.

Macroeconomic data will be a focus for the week, with the U.S. FOMC meeting minutes scheduled for Oct. 7. Other data points include U.S. consumer credit, initial jobless claims, and the Michigan Consumer Sentiment Index.