Bitcoin As Uptober Begins With A Bang

After a characteristically red September, the very first day of October saw BTC make up impressive ground within a matter of hours, starting in the low $43,000s and peaking near $48,500. 

Over $270 million in shorts were liquidated in an hour as the short squeeze propelled BTC to an encouraging two-week high. At the time of writing, BTC trades around $47,800. 

September has long been known to be a cursed month for BTC. However, in seven out of nine years since 2013, October has been a profit-making month for Bitcoin, displaying aggressive bullish reversals post a negative September. 

 CryptoCompare, a data tracking service, noted that Bitcoin-based products saw the highest level of inflows out of any asset in September, averaging $31.2 million per week. Institutional inflows and volumes associated with digital asset investment products rose 9.6% in September. 

 On the more technical side, Bitcoin reclaimed the support formed by the 21-week EMA coming into the October session. The 21-week EMA has historically been known as a bias-defining indicator. 

A move above this support and rising volumes bode well for BTC going into Q4 2021.