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 st
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 bulls’ favor.
With October frequently the sight of tangible BTC price gains, excitement is thus 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, with the government averting a shutdown at the last minute.
Bitcoin fundamentals are not yet echoing the spike in spot price, meanwhile, with mining difficulty due to in fact decrease at its next automated readjustment on Oct. 2.
Cointelegraph takes a look at these topics and more in the weekly digest of BTC price catalysts lying in wait.
Bitcoin bulls acknowledge BTC price reversal risk
In the run-up to the Oct. 1 weekly close, Bitcoin had already cleared the end of the September monthly candle — with little by way of 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 subscribers on the day.
“Might fully retrace, but the trend is clearly upwards. Every consolidation of Bitcoin will be a period where altcoins are starting to follow the path of Bitcoin. This quarter will be fun!”
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.
“Bigger price reaction comes out of this imo Increasing ask liquidity on spot orderbooks; implies greater volume needed by spot takers to clear $28K – $29K (Market structure shift).”
He added that the impetus to decide where the market headed now lay with spot traders.
$BTC Aggregate CVDs & Delta
Mostly seeing sell pressure just in perps for nowPrice decline with Perp CVD decline & Perp sell delta picking up
Next move that decides fate of this entire move is spot pic.twitter.com/7mAB2XMvUh
— Skew Δ (@52kskew) October 2, 2023
Keith Alan, co-founder of monitoring resource Material Indicators, posted a snapshot of the Binance order book, showing $28,000 as the main hurdle to overcome just after the move.
Bitcoin, he added, was now contending with resistance in the form of the 200-week moving average, at the time of writing around $27,970.
“Expecting another run at resistance this month, but since I’m still in ‘Buy the Dip, Sell the Rip Mode’ I’m going to stick to those rules, take the quick money and look for the next setup,” part of accompanying commentary read.
“Expecting volatility to continue over the next 24 hours.”
A classic “Uptober?”
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, this culminating in the FTX meltdown which sent crypto markets tumbling to two-year lows later in Q4.
This time — so far — thus 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 multi-year low, but a new all-time high for Bitcoin.
Happy Uptober to those who celebrate.
Remember 2021? pic.twitter.com/qgHy1ThGOf
— The Wolf Of All Streets (@scottmelker) October 2, 2023
Popular trader Jelle went further, suggesting that Bitcoin was in the midst of a more significant trend change.
“Bitcoin broke its mid-term downtrend, retested it, and is now starting the next leg higher,” he proclaimed alongside an explanatory chart.
“Strong weekly close behind us, most charts look like we’ll push even higher this week. Welcome to Uptober.”
Previously, Jelle, like Van de Poppe, had argued that this month could see BTC/USD head beyond $30,000 for the first time since June.
“8 out the…
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