Bitcoin Price Surges 3.43%, Reaches $118,516 Amid Slow Bull Cycle
The flagship cryptocurrency Bitcoin has gained over 100% compared to the previous year. Historically, October is a bullish month for digital assets.
Bitcoin Price Movements
- Bitcoin reached an all-time high above $124,000 in August but struggled around $110,000 in September.
- The U.S. Federal Reserve's interest rate cut contributed to a sell-off, pushing BTC below $110,000 with weak trading volume.
- Technical support levels were noted at $106,500 and $100,000.
The price improved to $112,000, signaling the start of a potentially strong rally expected to continue until year-end due to historical trends.
Current Market Observations
- As of October 1, Bitcoin's price was $118,516.22, marking a 3.43% increase.
- The gain is slow compared to past cycles.
- A decline in long-term held BTC suggests the market hasn't peaked yet.