Bitcoin trades above $114,000 on ‘Uptober’ optimism, while Ethereum stays steady at $4,140.
Bitcoin trades steady at the start of October as crypto investors eye seasonal ‘Uptober’ trends.
Photo Credit: Unsplash/Kanchanara
The global crypto market steadied at the start of October, with Bitcoin trading above $114,000 (roughly Rs. 1.01 crore) mark. The world's largest cryptocurrency extended its rebound after last week's sell-offs, guided by investor optimism around October's historical trend of positive rallies, often referred to as ‘Uptober'. Ethereum also held near $4,100 (roughly Rs. 3.6 lakh), supported by steady inflows into staking and DeFi. As per the Gadgets 360 price tracker, Bitcoin is trading at around Rs. 1.01 crore on Indian exchanges, while Ethereum stands close to Rs. 3.6 lakh.
The altcoin market witnessed mixed moves as Binance Coin (BNB) is trading at $1,010 (roughly Rs. 89,500) while Solana (SOL) hovers at $209 (roughly Rs. 18,500). XRP is at $2.84 (roughly Rs. 251), while Dogecoin (DOGE) is steady near $0.23 (roughly Rs. 20).
CoinSwitch Markets Desk noted that Bitcoin's latest rally was partly driven by short-squeeze liquidations ranging between $110,000-$111,000 (roughly Rs. 97.5 lakh-Rs. 98.4 lakh. “BTC is carving out a bull-flag setup with resistance near $115,700 and an open CME gap around $111,000 (roughly Rs. 98.4 lakh), supportive below. If momentum holds, upside toward $120,000 (roughly Rs. 1.06 crore) is feasible.”
The CoinDCX Research Team added that October's strong track record is underpinning sentiment. “October has long carried the nickname ‘Uptober' in the crypto world, thanks to Bitcoin closing in the green in nine of the last ten years. Investors are once again entering the month with cautious optimism. Bitcoin must break through resistance at $114,700 (roughly Rs. 1.01 crore) to keep the rally alive. If it fails to hold, the price could slip back toward $112,200 (roughly Rs. 99.4 lakh) before staging another attempt at a rebound.”
Avinash Shekhar, Co-Founder & CEO of Pi42, said the market is entering October on firmer footing but remains sensitive to macro risks. “If Bitcoin can hold resistance at $115,000 (roughly Rs. 1.01 crore), it could open the path toward trading above $120,000 (roughly Rs. 1.06 crore) in the near term. Ethereum is holding near $4,100 (roughly Rs. 3.6 lakh), though selling pressure persists as bears continue to test key supports. Dogecoin, like most altcoins, is also trading lower, reflecting a broader pause in risk appetite. Meanwhile, XRP has seen heavy whale activity.”
“The dollar weakness in the current economic setup is pushing investors towards assets like crypto, supporting upward momentum. However, investors should remain cautious during the shutdown, as it becomes difficult to read the economy and predict the Fed's next move, which might lead to short-term uncertainty in the market,” Mudrex CEO Edul Patel told Gadgets 360.
Traders remain watchful as October's bullish history goes up against global macroeconomic uncertainty, including the US government shutdown and interest rate speculation in India.
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