With the leading crypto continuing to perform well, Bitcoin returned briefly to the $65,000 level, with BTC trading in the green on the day. Indeed, the token is looking to benefit from improved sentiment as October approaches. Historically, the month has proven to be a positive one for the asset.
The cryptocurrency has been on an upswing since the Federal Reserve opted to cut interest rates for the first time in four years. Now, the US market is awaiting an incoming speech from Fed Chair Jerome Powell. What he says is likely to have a massive impact on the trading market, including digital assets.
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Bitcoin Returns to $65,000 as ‘Uptober’ Awaits
2024 has been monumental for the crypto market. Specifically, it has been a game-changing year for Bitcoin. The token is the first crypto-based ETF in the US, following approval in January. Just three months later, it surged to a $73,000 all-time high. Although it struggled with volatility in the summer months, things look to be nearing a return to record-setting performances.
Bitcoin had returned to the $65,000 level briefly, as BTC surged today. Indeed, the leading crypto has increased almost 1.5% in the last 24 hours, according to CoinMarketCap. Moreover, that increase extends to the last 30 days, where it is up almost 5%.
The $65,000 mark has not been reached since the first week of August. Now, the market is expecting BTC to return to that level Thursday. Federal Reserve Chair Jerome Powell is set to give a crucial speech. It should provide some insight on the US economic situation, and where it is poised to go in the coming weeks.
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A shift in sentiment will greatly impact where eBitcoin goes in the near term. Yet, there is expectations that it will continue to increase in price gradually heading into October. The combination of historical context and increased activity should drive the asset forward.
SoSoValue data shows that daily net inflows for Bitcoin ETFs have surpassed $100 million for the second straight day. Moreover, that denotes a five-day inflow streak for the BTC investment product. The increased attractiveness to investors will be vital as the token approaches a crucial time period.
The question now is how high could the token go if it does face a notable surge. There are expectations that it could easily return to the $70,000 level it reached in March. Some experts believe a new record could be in store, with the leading crypto targeting a trip to $80,000 for the first time ever.