Bitcoin Prices Rise for Third Consecutive Month Ahead of Q4 Tests
Bitcoin prices have been on an upward trend in recent months, with September seeing a gain of about 7% and August experiencing a 25% increase. This would mark the third consecutive monthly rise for Bitcoin if it closes positively this month.
The third quarter is shaping up to be positive for Bitcoin, with prices expected to have risen by more than 40%. Historically, the fourth quarter has been the strongest period for Bitcoin, with an average gain of around 77%, according to CoinGlass data.
Despite macroeconomic headwinds, including high U.S. 10-year yields and oil prices above $90 a barrel, Bitcoin has remained resilient. The recent uptick in price can be attributed in part to the influx of cash into U.S. spot bitcoin ETFs, which drew in about $31 million on Monday.
Alex Kuptsikevich, chief market analyst at FxPro, noted that as long as the market remains below $2.90T, it is technically in a short-term downtrend. However, with two major tests of liquidity and risk appetite looming in the fourth quarter - Anthropic's reported plans for an IPO in November and the U.S. midterm elections - investors will be closely watching to see how Bitcoin responds.