- Bitcoin hasn’t had a negative October since at least 2013, with the exception of two years.
- At the time of writing BTC is trading at $28,470, up 4.90% in the last 24 hours.
Now that Bitcoin is back in the limelight, industry watchers and investors are eager to forecast its next move. As experts referred to ETF optimism and seasonality as a few factors for the increases, BTC climbed past the $28,000 barrier early Monday to register the highest level in almost a month.
The $28,500 level was a critical support level during the last bull market, and it may become a crucial resistance level in the coming weeks. Moreover, based on the data, it seems that the OKX cryptocurrency exchange was the primary destination for the liquidation of about 30,000 negative bets.
Optimistic Outlook
Traders on Sunday saw gains that some attribute to seasonality. According to one analyst, Bitcoin hasn’t had a negative October since at least 2013, with the exception of two years. This has earned the month the nickname “Uptober” among Bitcoin enthusiasts.
The cryptocurrency market is optimistic as investors await the introduction of an Ethereum futures exchange-traded fund (ETF). Both BTC and ETH have seen significant price increases to begin the month of October.
At the time of writing BTC is trading at $28,470, up 4.90% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 146.99%.
The price recently broke the $27,440 resistance level. It will likely face resistance at $30,600 level. If it manages to go past this resistance level then it will likely test $31,590 level. On the other hand, if the price breaks below $27,440 mark then it will likely decline all the way till $26,400 support level.
