Bitcoin, intraday surge... 'Uptober' expectations ↑

BTC, Up 2.5% on Large-Scale Liquidation in the Futures Market on the 14th
BTC Futures Market Liquidation Recorded at Around KRW 3.3905 Trillion
Some Say "China's Economic Stimulus Drove BTC's Sharp Rise"
Many Altcoins Succeeded in Rising Over 5% Following BTC
Optimistic Forecasts for BTC Unveiled in the Market

BTC surged about 2.5% in the futures market on the morning of the 14th, breaking through $64,000, and the cryptocurrency market showed a clear bullish trend.

BTC showed a sharp rise during the day on the 14th. The cause is analyzed as the large-scale liquidation of short (bearish) bets in the futures market.

According to data from on-chain analysis platform Glassnode, about $2.5 billion (approximately KRW 3.3905 trillion) in open interest was liquidated on the 14th afternoon due to BTC's surge. Glassnode pointed out that most of the liquidation amount was from short-betting investors. As BTC surged, large-scale liquidation occurred in the futures market, leading to further surges in BTC.

There was also an analysis that China's economic stimulus drove the rise of BTC.

The Block reported on the 14th, citing multiple analysts, that the announcement of additional economic stimulus measures in China over the weekend improved investment sentiment, leading to a concurrent rise in the Chinese stock market and the cryptocurrency market. The Block explained that "after the Chinese Ministry of Finance announced an expansion of fiscal spending on the 12th, the price of BTC temporarily recovered to $64,000 during the Asian trading session today."

Along with the rise of BTC, many altcoins also rose by more than 5%.

◇BTC = As of 4:30 pm on the 14th based on Upbit, the price of BTC is 86.31 million won. BTC dominance is 58.03%.

After BTC broke through $64,000 on the morning of the 14th, expectations for a bullish market began to emerge in and out of the market.

Kijung Joo, CEO of Cryptoquant, posted a meaningful message on his X account on the 14th, saying "The bus leaves when you get off."

Julio Moreno, Head of Research at Cryptoquant, claimed that BTC could soon enter a bull market, citing the fact that BTC's market demand has reached a 6-month high. Moreno said, "BTC demand seems to be recovering" and "demand has been increasing at the fastest rate since April 22 this year."

The BTC demand indicator presented by Moreno compares the number of BTCs held in wallets for more than a year and the number of BTCs traded daily, and represents the demand for BTC as a ratio.

According to the BTC demand indicator data presented by Moreno, the BTC demand graph showed a sharp decline in April and has been on a downward trend, but has surged since October.

Meanwhile, there was also an opinion that there are still many variables to predict a bullish trend for BTC.

The Block explained, "October is historically a period when BTC and the cryptocurrency market show strength, but caution is needed as geopolitical risks in the Middle East and uncertainties surrounding the US election remain," and "these variables can affect the direction of the cryptocurrency market."

◇Rising Coins = At 4:30 pm on the 14th based on Upbit, the cryptocurrency that recorded the largest increase compared to the previous trading day was Moss Coin (MOC), rising about 8%.

Moss Coin (MOC) is a cryptocurrency used in the virtual game platform Moss Land. Moss Land is an online real estate game that virtually creates existing landmarks around the world, and players can buy and sell virtual real estate within Moss Land, just like the game Monopoly. The currency used in these real estate transactions is Moss Coin.

Moss Coin is an ERC-20 coin based on Ethereum (ETH), and it selectively utilizes more advanced blockchain technologies rather than using its own blockchain technology.

◇Fear and Greed Index = The Cryptocurrency Fear and Greed Index provided by Alternative is at 48 points, entering the 'Neutral' stage. The Neutral stage is the range where psychological resistance and support from market participants appear, and important decision-making actions occur regarding future price movements.