Bitcoin Price Surges Past $28,000 at the Start of Uptober

Bitcoin price starts Uptober with a bullish move past $28,000. Find out what lies in store for the leading cryptocurrency and whether it can maintain its momentum.

Posted 7 months ago in Bitcoin

Image depicting a Bitcoin symbol soaring in the sky

BTC price starts the celebrated month of 'Uptober' with a trip past $28,000, but the question on everyone's lips is whether Bitcoin can hold its ground.

Bitcoin (BTC) starts a new week, a new month and a new quarter with a firm bullish move past $28,000. The largest cryptocurrency greets 'Uptober' in style with its best weekly close since mid-August — what lies in store next?

After mixed BTC price action in September, market participants were prepared for a potentially volatile monthly close, but in the end, this ended up in the bulls' favor. With October frequently the sight of tangible BTC price gains, excitement is brewing over what might happen in the coming weeks.

Macro triggers may not hold the answer immediately, as October begins with a quiet phase for United States macro data and the government averting a shutdown at the last minute. Bitcoin fundamentals are not yet echoing the spike in spot price, with mining difficulty due to decrease at its next automated readjustment on Oct. 2.

Cointelegraph looks at these topics and more in the weekly digest of BTC price catalysts lying in wait.

In the run-up to the Oct. 1 weekly close, Bitcoin had already cleared the end of the September monthly candle with little overall volatility. That all changed as the week ended, with a sudden growth spurt taking BTC price action to just shy of $28,000. In the hours that followed, new local highs of $28,451 appeared on Bitstamp. Since the start of Oct. 1, the largest cryptocurrency is up over 5%, data from Cointelegraph Markets Pro and TradingView confirms.

The move provided Bitcoin's highest weekly close since mid-August, canceling out the weaker performance seen since.

'Bitcoin back up to $28,000,' Michaël van de Poppe, CEO and founder at MNTrading, told X (formerly Twitter) subscribers on the day. Popular trader Skew likewise flagged the potential for a comedown, using exchange order book trends as proof.

'Pretty wide orderbook here in terms of available / resting liquidity,' he explained on the day. He added that the impetus to decide where the market headed now lay with spot traders.

Bitcoin beginning October on a strong note puts it at odds with the scenes from last year. As Cointelegraph reported, a 0.7% dip heralded the start of what is statistically the strongest month for BTC price gains. A surprisingly sideways month followed, culminating in the FTX meltdown, which sent crypto markets tumbling to two-year lows later in Q4.

This year, so far, it feels different and more like the classic 'Uptober' in years gone by. According to data from monitoring resource CoinGlass, BTC/USD has not finished October lower than it started since 2018.

Debating the topic, popular market commentators were happy to channel the spirit of 2021 — the year in which Q4 saw not a multiyear low but a new all-time high for Bitcoin. Happy Uptober to those who celebrate.

Bitcoin broke its mid-term downtrend, retested it, and is now starting the next leg higher.

Bitcoin price, bull run, cryptocurrency, October gains, bullish move, Bitcoin fundamentals, spot price, mining difficulty, BTC price catalysts

Last updated 10/2/2023, 3:07:42 AM


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