Traders eye October’s seasonal tailwinds as BTC steadies near $114,000 and ETH holds $4,200, with whales fuelling optimism.
Crypto markets gain momentum as whales and institutions drive confidence into October.
Photo Credit: Unsplash/Kanchanara
The global crypto market surged past the $4 trillion (roughly ₹3,54,84,000 crore) milestone on Tuesday, marking a major psychological breakthrough for investors. Bitcoin extended gains on Tuesday, holding steady near $114,000 (roughly Rs. 1.01 crore) as investor sentiment improved alongside gold's rally to new all-time highs. Historically, Bitcoin has mirrored gold's trajectory, with both assets considered safe-haven hedges. Ethereum also gained momentum, climbing close to $4,200 (roughly Rs. 3.7 lakh). Analysts believe that ETH could move to higher levels if bulls sustain this level. As per the Gadgets 360 price tracker, Bitcoin trades at Rs. 1 crore in India, and Ethereum stands at Rs. 3.7 lakh.
The altcoin market reflected a mixed performance on Tuesday, with Binance Coin (BNB) trading above $1,022 (roughly Rs. 90,900) and Solana (SOL) hovering around $210 (roughly Rs. 18,700). XRP slipped to $2.88 (roughly Rs. 256) and Dogecoin (DOGE) held at $0.23 (roughly Rs. 20). The global crypto market also witnessed a rise in market cap as it crossed $4 trillion, reflecting optimism in digital assets as lower interest rates boost liquidity.
Mudrex CEO Edul Patel said Bitcoin's upward momentum is supported by both gold's surge and whale transfers. “Whales continue to support the price action with transfers of over 3900 BTC in a day, suggesting potential big moves ahead. Meanwhile, Ethereum is also gaining momentum, trading above $4,200 (roughly Rs. 3.7 lakh).”
Adding a broader perspective, the CoinSwitch Markets Desk noted that investors are showing signs of conviction as BTC outflows strengthen holding behavior. “Bitcoin outflows from exchanges indicate investors are holding rather than selling, while last week's liquidation cleared weaker hands and left stronger holders in control. October's historical seasonality supports a bullish Q4 outlook, with traders optimistic on both macro and seasonal tailwinds.”
Avinash Shekhar, Co-Founder & CEO of Pi42, highlighted improving sentiment and seasonal tailwinds, “Bitcoin is holding steady above $114,000 (roughly Rs. 1.01 crore), showing resilience as traders anticipate the seasonal tailwinds of ‘Uptober.' Ethereum has staged a recovery, supported by healthy reserves and institutional interest […] Overall, while the broader environment remains cautious, the ability of leading assets like Bitcoin, Ethereum, and Solana to hold critical levels underscores the constructive tone heading into October.”
Traders remain optimistic as historical October seasonality supports a bullish outlook, though caution lingers with macroeconomic risks in play. A sustained move above $115,000 (roughly Rs. 1.02 crore) could unlock higher targets, while any pullback may test the $111,000 (roughly Rs. 98 lakh) support region.
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