Bitcoin Defies Seasonal Trends as 'Uptober' Looms Large
The crypto markets have defied seasonal trends and have shown resilience in recent months. Bitcoin rose by 6.1% in September to $83.7K, making it one of the best months for the asset over the past 15 years. Historically, October is considered one of the strongest months for Bitcoin, earning it the nickname 'Uptober.'
According to TD Cowen, institutional investors have shifted their focus from debating the merits of buying Bitcoin to discussing its practical applications and the development of capital market infrastructure around it.
However, analysts at Bitfinex warn that while Bitcoin has weathered a historically weak September, the current rally is losing momentum. Rising oil prices and Treasury yields are weighing down sentiment, increasing the risk of a short-term correction.