Bitcoin Surges Above $114K as Traders Look Ahead to ‘Uptober’
Bitcoin (BTC) rebounded to $114,000 after falling below $109,000, driven by macroeconomic factors like lower interest rates.
Other major cryptocurrencies such as ETH, XRP, and SOL rose approximately 4% in the past 24 hours.
Gold reached a new high above $3,850 per ounce, up 1.2%, while the Nasdaq increased by 0.8%.
Crypto-related stocks Coinbase (COIN) and Circle (CRCL) saw gains of 5.7% and 7.7%, respectively.
Mining companies like IREN, Cipher Mining (CIFR), and MARA Holdings (MARA) experienced rebounds of 4% and 8%.
Paul Howard from Wincent noted institutional and retail support for BTC at $110,000, but highlighted potential downside risks without substantial macroeconomic shifts.
A delayed job report due to a potential government shutdown could impact the Federal Reserve's policy meeting scheduled for Oct. 28–29.
Joel Kruger of LMAX Group pointed out that October historically brings strong performance for bitcoin, with an average return of 22%, potentially leading to record highs by year-end.
