Alex Dovbnya
Bitcoin has shown significant upward momentum, but it remains to be seen whether this is sustainable
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Contents
- Cautious optimism
- Strong investment flows
After a period of bearish behavior, Bitcoin is currently on the rise, recently reclaiming the $28,000 mark and breaking the bearish trend. Some analysts now expect the flagship cryptocurrency to continue this rally and surpass $31,000 in this historically bullish month.
Cautious optimism
According to CoinGecko, the value of Bitcoin has increased by 4.4% and is currently at $28,301. Bitcoin’s market capitalization is $552 billion with a 24-hour trading volume of $15.3 billion. This increase in value represents a break in the ongoing downward trend that Bitcoin has been experiencing and revives discussions about its potential growth.
However, potential investors and enthusiasts should approach this trend with cautious optimism. According to data from 100eyes Crypto Scanner, a bearish divergence has been detected on Bitcoin’s one-hour chart.
This divergence between price action and momentum indicators is considered a bearish signal, suggesting that despite rising prices, the upward move may be losing strength and a reversal is imminent.
Strong investment flows
In addition to Bitcoin, smaller competitors such as Ether, Litecoin and Solana are also seeing gains, adding some optimism to the struggling crypto market.
This increase is partly due to increased buying flows, potentially triggered by the start of a new accounting quarter, and there is strong optimism for this rally to continue throughout October.
However, these investment flows are also influenced by market speculation about the expected approval of BlackRock’s Bitcoin ETF proposals by the US Securities and Exchange Commission.
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