Bitcoin exhibited a remarkable performance on October 2nd and motivated crypto enthusiasts further. The cryptocurrency’s fantastic breakout move has reduced apprehensions in several quarters.
It is true that the volatile behavior of Bitcoin baffles many investors, and it is becoming the safest bet. However, regulators globally have sent an indication to tighten their control over the digital asset sector.
The good news for crypto enthusiasts is that apart from Bitcoin, other digital currencies also exhibited price surges. Also, investors are no longer fearful about investing in Bitcoin, according to some analysts.
Bullish Week for BTC
There has been a perpetual price discovery in crypto markets, but investors agree that the first week of October had been bullish for Bitcoin. The impressive market cap ($1 trillion) and store of value, which compares it to gold, are also enticing the long-term holders. Larger institutional investors are also showing interest in this virtual currency as it comes with proper regulatory clarity.
Thus, investors find it more alluring as compared to several other digital assets. Decisions likely to be rolled out by the Federal Reserve are other macro indicators that may further tilt the market in BTC’s favor.
The abrupt upside volatility of the cryptocurrency on October 1st witnessed 3,000 USD added within an hour. There was no big pushback into that weekend as Bitcoin maintained levels above its August close.
Michaël van de Popped, a contributor for Cointelegraph, feels it is now it is a matter of the kind of form the coin’s consolidation period could shape up in the coming days.
Rekt Capital, analyst, and trader sounded optimistic as he noted that Bitcoin/USD had been coming up with a higher loss for 4 months. There has been consistent buyer support during all these months despite the price surge on each occasion.