Uptober Has Arrived
“The four most beautiful words in our common language: I told you so.” ― Gore Vidal
BTC surged past the $28k level early Monday, ushering in a new week, month, and quarter with a solid bullish advance. We are in the thick of BTC season, risk has moved to the low-risk zone, and we are enjoying a modest bullish momentum as we welcome "Uptober" in style.
Price is at its highest level in over a month, and the increases can be attributed to ETF optimism and seasonality. Late October options volume by expiration indicates potentially exciting price action.
BTC price upholds support at $28k while trading at $28.3k. A break and hold above the immediate resistance at $28.4k are required to keep traders interested in keeping their long positions open while gazing upon a potential breakout above $30k. Momentum is fading away, so it will be key this week to defend the gains.
With the halving expected in April 2024 and a spot Bitcoin ETF approval on the horizon, selling pressure may be greatly reduced because investors are likely to overlook short-term profits in favor of waiting for bigger gains in the bull run.
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