Bitcoin has surged past the $28,400 mark for the first time since mid-August, sparking investor optimism that “Uptober” has arrived. Data indicates that BTC wallets have accumulated billions of dollars in the last month, potentially driving prices even higher.Experts have embraced the bullish outlook as the leading cryptocurrency surged to a six-week high. According to Santiment’s analysis, Bitcoin wallets holding 10-10K BTC have refrained from outright trading or using their coins as collateral. Since September 1st, these wallets have raked in a total of 415,000 BTC which is worth around $1.17 billion.The crypto analytic platform also suggested that Bitcoin’s return to a $30,000 market value appears increasingly plausible. “Uptober” refers to the historical trend of October typically being a favorable month for the price performance of Bitcoin and other digital assets. CoinGlass data shows that October has recorded negative monthly returns on only two occasions since 2013.The rally has also received a boost from speculation that the US Securities and Exchange Commission (SEC) will ultimately grant approval to BlackRock Inc.’s Bitcoin ETF proposals. Moving forward, Bitcoin is poised to encounter significant resistance at the $30,000 level as the next major hurdle in its upward trajectory.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | positive |
| Relevance Score | 8 |
| People | Caroline Mauron, OrBit Markets |
| Companies | US Securities and Exchange Commission (SEC), Santiment, OrBit Markets, CoinGlass, BlackRock Inc. |
| Currencies | Ethereum, Bitcoin, US Dollar |
| Securities | None |
