Crypto News– Bitcoin (BTC) enthusiasts have ample reason to celebrate as the cryptocurrency kicks off “Uptober” with a robust start, breaching the $28,000 threshold. This positive rally aligns with a relatively subdued period in the United States macroeconomic landscape, thanks to a last-minute resolution that averted a government shutdown.
Uptober Rally: Bitcoin Breaks 28,000 Dollars Mark in Uptober Rally While US Dodges Government Shutdown
The surge beyond $28,000 has ignited optimism in the Bitcoin community. As October began, Bitcoin witnessed an impressive 5% surge, briefly reaching $28,488, according to CoinGecko data. This move marked the highest weekly close for Bitcoin since mid-August, effectively wiping out the less exciting performance observed in the preceding weeks. Consequently, market analysts and crypto enthusiasts are brimming with positivity. Trader Michaël van de Poppe hinted at a bullish trend while acknowledging the potential for a complete retracement. He emphasized that each consolidation phase for Bitcoin presents an opportunity for altcoins to catch up, setting the stage for an intriguing final quarter in 2023.
Furthermore, the promising start to October stands in stark contrast to Bitcoin’s performance during the same month last year. Historical data indicates that October has generally favored Bitcoin bulls. CoinGlass data shows that Bitcoin has consistently ended October at a higher value than it started in 2018. Hence, the moniker “Uptober” holds significant merit within the cryptocurrency community.
Shifting to the macroeconomic realm, while Bitcoin traders revel in positive price action, the U.S. macroeconomic landscape is commencing October on a quieter note. The potential government shutdown was skillfully averted, with Ukraine aid being the contentious point. Eyes are now on the speeches by Federal Reserve officials scheduled for this week, as they are likely to be closely scrutinized for hints leading up to the November 1 Federal Open Market Committee (FOMC) meeting.
Financial commentator Ted Talksmacro has highlighted an interesting divergence between net U.S. dollar liquidity and BTC/USD. This analysis suggests a sideways or upward trajectory for Bitcoin in the coming years, though it also cautions about potential short-term fluctuations before a more rapid ascent.
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