Bitcoin briefly fell below $59,000 in the early hours of yesterday (11th), but then quickly rebounded and continued to rise. In the early hours of today, the price of Bitcoin climbed to a high of $63,417 before entering a range-bound oscillation. As of the time of writing, it is currently trading at $62,858, up 4.46% in the past 24 hours.
Ethereum Rebounds and Hits $2,500
The price movement of Ethereum is similar to that of Bitcoin. After briefly dipping to $2,330.66 yesterday, it began to rebound and rise. In the early hours of today, it reached a high of $2,471.45 before entering a range-bound oscillation. It is currently trading at $2,447.29, up 2.53% in the past 24 hours.
October "Uptober" Crypto Market Affected by National Factors
On the other hand, according to data from Coinglass, in the past 11 years, the number of times the market has risen in October is 9, with a probability of 82%. As a result, the crypto market often refers to October as "Uptober". However, after the two crashes at the beginning of October, the market's confidence in an October rally is gradually weakening.
Regarding this, QCP Capital analysts believe that the probability of an October rally is still high, but the prerequisite is that BTC must remain above the $60,000 support level:
The US stock market index has risen, with the S&P 500 reaching a new high. Although the crypto market has not yet shown the same optimistic sentiment, as long as the key $60,000 support level is not broken, we remain hopeful about the "Uptober" market trend.
Coinbase analysts David Duong and David Han also stated in a report that the market still shows a bullish sentiment based on the Bitcoin futures funding rate.
The report also emphasizes that the macroeconomic factors affecting the crypto market performance are shifting from monetary policy to the results of the US election. Furthermore, the report points out that China's financial policy news conference at 10 a.m. this morning may indirectly affect the cryptocurrency market, especially in the context of many asset markets being closed for holidays:
The crypto market may be used as an alternative way to express views on the scale and impact of fiscal policy.
