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- Since at least 2013, Bitcoin has not experienced a negative October, with only two exceptions.
- As of this writing, BTC is priced at $28,470, reflecting a 4.90% increase over the past 24 hours.
With Bitcoin once again in the spotlight, market analysts and investors are keen to predict its forthcoming movements. Experts have pointed to ETF optimism and seasonal trends as contributing factors to the recent price surge, as BTC surpassed the $28,000 threshold early Monday, reaching its highest point in nearly a month.
The $28,500 mark served as a significant support level during the previous bull market and may now act as a vital resistance level in the weeks ahead. Additionally, data indicates that the OKX cryptocurrency exchange was the main platform for liquidating approximately 30,000 short positions.
Optimistic Outlook
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On Sunday, traders experienced gains that some attribute to seasonal patterns. One analyst noted that Bitcoin has not recorded a negative October since at least 2013, aside from two years, leading to the month being dubbed “Uptober” by Bitcoin supporters.
The cryptocurrency market is exhibiting optimism as investors anticipate the launch of an Ethereum futures exchange-traded fund (ETF). Both BTC and ETH have experienced notable price increases as October begins.
At the time of this report, BTC is trading at $28,470, up 4.90% in the last 24 hours according to data from CMC. Furthermore, trading volume has surged by 146.99%.
Source: CoinMarketCap
The price has recently surpassed the $27,440 resistance level. It is expected to encounter resistance at the $30,600 level. Should it break through this resistance, it may then test the $31,590 level. Conversely, if the price falls below the $27,440 mark, it could decline to the $26,400 support level.
