As capital inflows rebounded in early October, the price of Bitcoin climbed to a six week high; Bitcoin typically shows an upward trend in October.Smaller Ethereum, Litecoin, and Solana also showed an upward trend
As capital inflows rebounded in early October, the price of Bitcoin climbed to a six week high; Bitcoin typically shows an upward trend in October.
Smaller Ethereum, Litecoin, and Solana also showed an upward trend. Bitcoin and other currencies have risen at this time, as traders wait for the trial of Bankman Fried, the founder of the cryptocurrency exchange FTX, to begin in the United States on Tuesday. FTX has already gone bankrupt.
There seems to be a significant buying flow in the market, possibly driven by the start of the new accounting quarter, and the trend has been exacerbated by weekend liquidity scarcity, "said Caroline Mauron, co founder of OrBitMarkets, a digital asset derivative liquidity provider in Singapore.
She stated that the expected uptrend will continue in October, and this month is usually a positive atmosphere for the cryptocurrency market, with the $30000 position seen as the next major resistance level for Bitcoin.
Bitcoin rose as high as 3.9% to $28173, the highest level since August 17th. Bitcoin rose 4.1% in September, but overall it fell 11% in the previous quarter. For the past four years, Bitcoin has risen every year in October.
Hayden Hughes, co founder of the community trading platform AlphaImpact, said that Bitcoin's rise has also benefited from market speculation that the US Securities and Exchange Commission will ultimately approve BlackRock's proposal for a Bitcoin ETF, despite regulatory delays last week.
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