Is "Uptober" coming? !
Bitcoin prices are rising rapidly as they celebrate the start of the month, topping $28,000 this morning, but there is widespread concern over whether Bitcoin can maintain this position. Bitcoin is starting a new week, a new month, and a new quarter with determination above $28,000.
Meanwhile, while those holding spot and long positions may be celebrating the first major price rally in more than a month, holders of short positions are experiencing the opposite luck. The rapid rise in Bitcoin prices resulted in $70 million in short positions being liquidated in just two hours.
According to data from CoinGlass, the price of Bitcoin has increased by 4.08% in the past 24 hours. During this period, the total liquidation amount of contracts across the entire network exceeded US$100 million, mainly short positions, of which the liquidation amount of Bitcoin short positions reached US$47.05 million. Please note that these data are for reference only.
"Uptober" is slang in the cryptocurrency space
Usually indicates that October’s price action for Bitcoin and other cryptocurrencies may be bullish. Unlike last year, this year’s situation seems to be more in line with the classic “Uptober” trend.
According to monitoring data from CoinGlass, BTC/USD has not traded lower than its initial price in October since 2018. Market commentary believes that Bitcoin is in the midst of a larger trend change and may exceed the price of $30,000 for the first time in October.
Although Bitcoin’s mining difficulty is currently at an all-time high, the Bitcoin network’s fundamentals are not reflecting the surge in spot prices. At odds with the bullish sentiment in the spot market, the latest data shows that Bitcoin’s mining difficulty will drop by 0.7% in the next automatic adjustment on October 2. However, competition among miners remains fierce, and the growth in computing power highlights their long-term commitment to the network. Some prominent figures in the Bitcoin space believe that hash rate is the dominant factor in price, rather than price following hash rate.
According to data from Glassnode, long-term holders continue to accumulate Bitcoin and already hold nearly 15 million Bitcoins.
personal opinion:
Bitcoin appears TD13 in the 4-hour trend conversion indicator and may pull back. If it does not fall below $27,000, consider looking for opportunities to go long. If the price breaks above $29,000, the rebound could reach the previous high of $31,850.
Market fluctuations are unpredictable, and investment requires careful research and risk management. None of the content and views shared above constitute investment advice.