The global crypto market found its footing at the start of October, with Bitcoin trading robustly above the $114,000 mark. The world’s largest cryptocurrency extended its rebound following last week’s sell-offs, buoyed by investor optimism surrounding October’s historical tendency for positive rallies, affectionately dubbed ‘Uptober’. Ethereum also held steady near $4,100, supported by consistent inflows into staking and DeFi platforms. According to price trackers, Bitcoin is hovering around $114,000, while Ethereum maintains its position near $4,100.
Crypto Traders Closely Monitor Key Resistance Levels as ‘Uptober’ Momentum Builds
The altcoin market showed a mixed bag of movements. Binance Coin (BNB) was trading at $1,010, while Solana (SOL) hovered around $209. XRP was priced at $2.84, and Dogecoin (DOGE) remained stable near $0.23.
The CoinSwitch Markets Desk observed that Bitcoin’s recent rally was partly spurred by short-squeeze liquidations occurring in the $110,000-$111,000 range. They noted, “BTC is currently forming a bull-flag setup, with resistance near $115,700 and an unclosed CME gap around $111,000 offering underlying support. If this upward momentum persists, a push towards $120,000 appears achievable.”
The CoinDCX Research Team highlighted October’s impressive track record as a significant booster of market sentiment. “October has long been known as ‘Uptober’ in the crypto sphere, with Bitcoin closing the month in positive territory in nine of the last ten years. Investors are once again approaching the month with a sense of cautious optimism. For the rally to continue, Bitcoin needs to decisively break through the $114,700 resistance. Should it fail to hold this level, the price could retreat towards $112,200 before attempting another rebound.”
Avinash Shekhar, Co-Founder & CEO of Pi42, stated that while the market enters October on firmer ground, it remains susceptible to broader macroeconomic risks. “If Bitcoin can sustain its position above the $115,000 resistance, it could clear the path for trading beyond $120,000 in the near term. Ethereum, despite holding near $4,100, continues to face selling pressure as bears challenge key support levels. Dogecoin, much like most altcoins, is also trading lower, indicative of a broader pause in risk-taking. Meanwhile, XRP has observed notable ‘whale’ activity.”
Mudrex CEO Edul Patel noted that the current dollar weakness in the economic landscape is driving investors towards assets like crypto, thereby supporting upward momentum. However, he cautioned, “Investors should exercise prudence during the US government shutdown, as it complicates economic assessment and Federal Reserve policy predictions, potentially introducing short-term market instability.”
As October unfolds, traders face the challenge of balancing the month’s historically bullish tendencies against ongoing global macroeconomic uncertainties, including the US government shutdown and interest rate speculation.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in this article is not intended to be and does not constitute financial advice, trading advice, or any other advice or recommendation of any sort offered or endorsed. We shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast, or any other information contained in the article.