Bitcoin price is pushing higher, raised investors’ hopes for a stellar rally in October
Bitcoin price rallied yesterday as the leading cryptocurrency crossed $47,000 for the first time in two weeks. BTC has gained about 10% in the last 24 hours, currently trading at $47,786.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price climbs above $47,000
September remains true to historical data as a historically weak period for crypto. Bitcoin price ended the month with a loss of around 7%. However, October could bring joy to the bulls as Bitcoin has rallied six of the past eight, falling only in 2014 and 2018.
The bulls started the month on a positive note as the bears attempted to close their short positions. The data shows that over $270 million worth of short positions were liquidated within minutes. Bitcoin enthusiasm is also shared by several altcoins that have shot higher today.
The sentiment in the crypto community appears quite bullish, with several analysts and traders referring to October as “Uptober” on Twitter – a newly coined slang representing expectations for a price rally this month.
Technically speaking, BTC is still trading in the range and has to decisively break the $50K resistance to see higher prices. It is not yet sure whether today’s price really will prove indicative of a more significant uptrend.
Ether returned to above $3,000 and is up about 9% over the past week. Like BTC’s rise, the uptrend is stabilizing as buyers gained momentum over the past few days. The next level of resistance for ETH is seen at around the $3,500-$4,000 range, which could limit upside over the short term.
“Crypto markets have taken off to kick off October. Price spikes for Bitcoin (back above $47k) and Ethereum (back above $3.2k) came immediately following crowd discussions related to shorting. As always, markets follow the crowd’s least expectations”, Santiment stated.
Source: Santiment
The most prominent today is probably Axie Infinity (AXS). Since bounding off a low of $47.92 on September 21st, the price of AXS has stormed 145% higher to establish a new record high at $118.00 as its 24-hour trading volume surged from $421 million to $1.95 billion.
AXS/USD 4-hour chart | Source: TradingView
The overall cryptocurrency market cap now stands at $2.093 trillion, and Bitcoin’s dominance rate is 42.9%.
Read more:
- Bitcoin Price Explodes Over $47,000 Since Mid-September, 1st BTC Is Mined From Salvador Volcano
- Bitcoin Price Returned Above $43,000 As Buyers Appear To Be Gaining Strength