The cryptocurrency market witnessed an unexpected rally on October 1, causing over $71 million in Bitcoin and Ethereum to be liquidated, particularly affecting shorts, which accounted for almost $64 million within a 24-hour timeframe. The sudden surge left the community bewildered, with many observers attributing the move to the onset of what they dubbed “Uptober.”
According to data from Coinmarketcap, Bitcoin, the flagship cryptocurrency, experienced a rapid climb in just 15 minutes, soaring from $27,100 to $28,053. Simultaneously, Ethereum also saw a significant uptick to $1,755.
The term “Uptober” has gained traction in the crypto community, signifying the historical trend of October being a bullish month for the price action of Bitcoin and other cryptocurrencies. CoinGlass data reveals that since 2013, October has only yielded negative monthly returns twice.
While those holding spot and long positions welcomed the surge as the first substantial price action in over a month, short sellers found themselves on the losing end of the deal.
Upbeat Outlook For Bitcoin & Ethereum
Market analysts are currently anticipating further gains in the leading cryptocurrencies. Analyst Ali expressed optimism by mentioning a previous breakout where BTC surged to $31,000.
Crypto Rover echoed this sentiment, predicting a significant Bitcoin breakout in the next 30-60 days and also expressing a bullish outlook for Ethereum, suggesting it’s preparing for a substantial breakout on the weekly timeframe.
However, there were contrasting views as well. Some individuals suggested that Bitcoin had established a higher low, potentially setting the stage for a bullish fourth quarter.
A cautious voice in the community commented that it would be amusing if the low was indeed established at this point, leading to potential frustration among investors, saying, “The most entertaining outcome is the most likely.”
As of the latest data, Bitcoin is currently trading at $27,981.17, reflecting a 3.29% increase in the last 24 hours, an almost 8% rise in the weekly chart, and a remarkable 130% surge in 24-hour trading volume.
Ethereum, on the other hand, is priced at $1,719.64, boasting a 2.36% rise in the last 24 hours, a 9.09% increase in the weekly timeframe, and an impressive 88% rise in trading volume.
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