Traders and investors cheered as crypto trading returns rose exponentially at the beginning of October, indicating a rally ahead.
The crypto market turned green as Bitcoin led a rebound across several tokens. ETH also witnessed a broad recovery, going above $1700 in the last 24 hours. With the rise, crypto trading returns turned positive for traders and investors alike.
The massive jump in crypto prices has created a trend, ‘Uptober’ in social media. The term hinted at the possibility of a bullish month for crypto according to historical returns in October. Prices of both BTC and ETH had increased by around 4% in a short frame. The sudden spike-triggered mini-rallies for multiple tokens.
All eyes could now be on consolidation, with Bitcoin’s position taking the lead. If BTC holds on to $28000 and firms up its trading range, a way toward $30000 is possible in October.
The fourth quarter of the year has various events in store for crypto. From global monetary policies to regulatory actions, the crypto market would await several events to decide its next course. With its current position, the market looks set for a longer crypto rally.
BTC/USD 1D price chart
Bitcoin is currently trading at around $28200 on October 2, 2023, with BTC/USD trading higher by 4.4% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (26,434.04), as BTC’s 24-hour volume was at around $12 billion. Bitcoin has seen around 69.43% returns on a year-to-date basis.