The crypto market’s total valuation surged by $32 billion on Oct. 1, triggered by the ‘Uptober’ euphoria. Bitcoin’s price action sought support from the 200-day exponential moving average (200-day EMA) and the 50-day EMA, establishing a 6-week high. Past performance in October — or Uptober — plays in the bulls’ favor, with Bitcoin’s average Uptober gains standing at 15%. Chartered market technician (CMT) Adrian Zduńczyk calculated that after the average 6.45% loss in September, the market typically closed in October-December with a 50.84% profit.
The continuous Bitcoin outflow from exchanges backs the optimistic prognosis. According to on-chain data provider CryptoQuant, the BTC supply on all exchanges shrunk by over 20,000 coins in September and reached $2.036 million on Oct. 2. The number of non-exchange or self-custody Bitcoin addresses is rising, backing the assumption. According to another on-chain analytical platform, Glassnode, long-term Bitcoin holders reached 76.1% of the total outstanding BTC supply in late September.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | |
| Sentiment | positive |
| Relevance Score | 8 |
| People | Adrian Zduńczyk, CryptoQuant, Glassnode |
| Companies | CoinChapter.com, CryptoQuant, Glassnode |
| Currencies | Ethereum, Bitcoin |
| Securities | None |
