Bitcoin Sees Best Weekly Close Since January, But Investors Remain Cautious

Bitcoin ended the week at $84,467, its highest weekly finish in eight months. This achievement came after the cryptocurrency closed on September 27 and before most of the US woke up on Monday.

The high weekly close marked a milestone for Bitcoin, which is now closely watched by traders as it enters October. Historically, this month has been green for bitcoin, with gains seen in six out of the last eight years.

However, despite this positive trend, analyst Benjamin Cowen expressed caution. He noted that Bitcoin's move to reclaim the 50-week average has been relatively muted, usually resulting in a 20-30% run after such an event. This time around, however, the increase has been less substantial.

Cowen attributed this subdued response to fears over seasonality and rising yields, which have tangible effects on the market. The recent Federal Reserve rate hike and the 10-year Treasury's closing price at 5.17%, near levels last seen in 2007, are contributing factors.