Is altcoins season coming? The price of Bitcoin and Ethereum surged nearly 4% in just a 15-minute window, sparking bullish predictions for the remainder of October.
Over $70 million worth of cryptocurrency short positions faced sudden liquidation following an unexpected surge in the prices of Bitcoin (BTC), Ethereum (ETH), and various other cryptocurrencies on October 1st.
Bitcoin, and Ethereum give a signal for altcoins season coming
As per information provided by TradingView, this rapid price increase witnessed Bitcoin’s value climbing by 3% within a mere 15-minute window, surging from $27,100 to $28,053, before stabilizing slightly below the $28,000 threshold at the moment this news is being reported.
Happy Uptober to those who celebrate.
Remember 2021? pic.twitter.com/qgHy1ThGOf
— The Wolf Of All Streets (@scottmelker) October 2, 2023
In a similar fashion, the value of Ethereum’s native cryptocurrency, Ether, experienced a notable upswing, with its price soaring by as much as 4.7% during a short-lived surge, reaching $1,755, before subsequently stabilizing at $1,727 at the time of this report.
The abrupt price movement has left the majority of the cryptocurrency community bewildered, and numerous observers have connected this price action to the advent of what they’ve dubbed “Uptober.”
Welcome to Uptober.
Welcome to Q4, which is leading towards a great quarter, potentially fueled by ETF approvals and the pre-halving rally.
Potentially #Bitcoin to $40,000 is reasonable.
— Michaël van de Poppe (@CryptoMichNL) October 1, 2023
Some members of the community speculated that there might be insider information or insights not widely known.
In the cryptocurrency world, “Uptober” refers to the tendency for October to historically exhibit bullish behavior in the price movements of Bitcoin and other cryptocurrencies. Data from CoinGlass reveals that since 2013, October has seen negative monthly returns on only two occasions.
Weekly and daily moving averages are currently situated at the $28K price level, exactly where the asset is at the time of writing. BTC hit $28,141 during Asian trading on Monday morning and remains above $28K at the moment.
Bitcoin data analysis
The cryptocurrency market is eagerly anticipating the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC). Nonetheless, the consensus among most analysts suggests that January 2024 is the most probable timeframe for any such announcement.
During the recent price surge, individuals holding spots and long positions likely celebrated as it marked the first substantial price movement in over a month. However, short sellers found themselves on the opposite end of fortune, with the rapid increase in prices leading to the liquidation of $70 million worth of short positions in just two hours.
Data provided by CoinGlass reveals that the sudden price movement resulted in the liquidation of approximately $36 million worth of BTC short positions and $23 million worth of ETH short positions, causing significant losses for those traders.
Elsewhere on Crypto Markets
Ethereum has gained 3.2% in the last few hours to reach $1,726 at the time of writing. As a result, ETH prices are at their highest level for a month.
However, the biggest high-cap gainer of the day is Solana (SOL), surging a whopping 13.6% to top $24 at the time of writing. Additionally, SOL has gained 24% over the past week in the run-up to the start of the Sam Bankman-Fried trial, which begins on Oct. 3.
Moreover, the total market cap is up 3% on the day to $1.15 trillion.
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