After a week largely in the green, the price of Bitcoin (BTC) managed to exceed $120,000 again on Thursday evening. Let’s take stock of this performance.
Bitcoin (BTC) regains $120,000
Will the famous “Uptober” happen this year? In the crypto ecosystem, October is generally seen as a month of growth, which has helped to popularize this expression.
While we will have to wait until the end of the month to judge, it is clear that October is off to a good start, with Bitcoin (BTC) rising above $120,000 for the first time since August 14.
After peaking at just over $121,000, the price of BTC has retraced slightly to trade just below $120,000 at the time of writing. This performance marks a recovery of around 6.9% since the beginning of the week:
Yesterday, we reported on an analysis by CryptoQuant, which targeted a range of between $160,000 and $200,000 by the end of the year. On Tuesday, we also highlighted Tether’s massive investment of 8,888 bitcoins. For their part, US spot Bitcoin ETFs once again surpassed their all-time high (ATH) in terms of assets under management, this time reaching $161.03 billion.
All this is happening in a context where, in a broader view, the market expects the US Federal Reserve (Fed) to continue lowering interest rates. According to the CME’s FedWatch, the market now expects a cut to 375-400 points at 97.8%.
In the wake of BTC’s performance, other stocks are also standing out, such as ETH, which temporarily regained $4,500, and BNB, which is once again beating its ATH, now set at $1,111.
