After briefly rising above $63,000 in recent days, renewing investor’s hope on “Uptober,” Bitcoin has continued to show this trend of the following last years and has been holding above $62k after dipping below $58k, a few days before.
Bitcoin has struggled to break through key resistance levels, its recent price action reflects ongoing market indecision. Over the past few weeks, Bitcoin maintained stability above the $60,000 mark, but failed to make a major move to cross $67k.
However, significant price corrections in the past often occurred when funding rates turned negative, which hasn’t happened yet. On September 18, the Fed lowered key interest rates by 50 basis points (bps), sparking a crypto rally. Further, the People’s Bank of China’s (PBoC) decision to inject economic stimulus into the Chinese economy gave more fuel to digital assets to propel. The market expects another 50 bps rate cut from the Fed before year-end, along with additional Chinese fiscal stimulus. The crypto market could see a strong Q4 rally soon.
As of now, at the time of writing this article, BTC is trading nearly $62,800 and has seen a growth of 1.25% in the last 24 hours and has a market capitalization of $1.24 Trillion.