Bitcoin Stuck Below $84,433 as 'Uptober' Begins

October has begun, and it's being referred to as 'Uptober' in crypto circles. This marks the end of September, which turned out not to be so red after all, despite initial expectations.

Bitcoin is starting October at $83,823, up 0.28% on the day. It had a strong month in September, with a gain of 7.33%, narrowly edging past its 2024 record of 7.29%. However, a correction made it close the month with a 6.33% gain.

October has historically been a good month for crypto investors, with an average return of 19.92% and a median return of 14.71% since 2013, according to CoinGlass. Last year broke this script, however, with a decline of 3.69%. The macro picture provides some context for the current situation.

The Federal Reserve raised rates by 25 basis points on September 16, to a range of 3.75% to 4%. This was the first hike since July 2023, and it was unanimous. Rising interest rates can be challenging for assets like Bitcoin, as 'cheap money' becomes scarce and investing tends to turn towards safer bets.