Ethereum

Based

bullish

Solana

Bitcoin

<ul class="wp-block-list">
 <li>Bitcoin briefly surpassed $62,000 but quickly fell back, currently trading around $61,271.</li>
 <li>BTC has risen over 7% this September, a notable change from its usual average loss of about 6% for this month.</li>
</ul>
Bitcoin recently showed a modest rise above $62K on October 2, but this rally quickly faded, reflecting a broader dip in the cryptocurrency market. Other major coins like Ethereum (ETH), Ripple (XRP), and Solana (SOL) faced declines of 5% to 10% over the past day. Analysts from <a href="https://thenewscrypto.com/analysts-warn-of-potential-price-correction-amid-bitcoin-oi-surge/" target="_blank" rel="noopener noreferrer nofollow">QCP warn</a> that if the situation in the Middle East escalates further, Bitcoin could drop to around $55,000. However, the $60K zone has provided solid support thus far.
After a geopolitical sell-off, Bitcoin’s bounce back was halted at $62,357 during the U.S. session, with prices dipping back below $60K later on. At the time of writing, Bitcoin trades around $61,271, displaying a slight rebound despite a more than 20% drop in daily trading volume.
<h3 class="wp-block-heading" id="h-current-price-trends-for-bitcoin">Current Price Trends for Bitcoin</h3>
Despite recent volatility, Bitcoin has performed significantly this September, <a href="https://thenewscrypto.com/will-uptober-turn-the-tide-for-bitcoin-btc-momentum/" target="_blank" rel="noopener noreferrer nofollow">gaining over 7%</a>. Historically, September has not been kind to BTC, usually averaging a loss of about 6%. This month has been a refreshing change amid global uncertainties.
The arrival of October, often called “Uptober,” initially brought disappointment for many crypto enthusiasts. Further, analyst Timothy Peterson suggests that the expected upward momentum may not kick off until after the 19th of this month. Historical patterns support a bullish outlook for Bitcoin in October, with an average gain of over 14% since 2018.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="485" src="https://thenewscrypto.com/wp-content/uploads/2024/10/image-6-1024x485.png" alt="" class="wp-image-109746" srcset="https://thenewscrypto.com/wp-content/uploads/2024/10/image-6-1024x485.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/10/image-6-300x142.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/10/image-6-768x364.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/10/image-6.png 1305w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">Bitcoin (BTC) Price Chart (Source: <a href="https://in.tradingview.com/symbols/BTCUSDT/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TragingView</a>)
 </figcaption>
 </figure>
</div>
Based on a technical analysis of the BTC/USDT 4-hour chart, it shows a slight upward trend after Bitcoin reached a recent low of $59,996. Currently, the price sits below the 21-day moving average, and the 9-day moving average has also dipped beneath it. The RSI is at 39.48, indicating a neutral state, which supports the current price trend.&nbsp;
Bitcoin must surpass the $63.5K zone. If that happens, there’s a possibility of climbing back to the $65,000 level. This could further validate the bullish sentiment for October, possibly pushing it past $68,000 or even $70,000.

Will October Bring Gains for Bitcoin Based on Historical Trends?

Table of Contents

TheNewsCrypto

Other articles published on Oct 3, 2024

Betting on US Elections Gains Traction After Court Ruling

Is Bittensor Undervalued? Expert Says TAO Is ‘The L1 + AI Coin Of The Cycle’

Why Caroline Ellison Was Sentenced to Two Years in Prison

Franklin Templeton Files for Bitcoin & Ethereum Crypto Index ETF with U.S. SEC

Top Crypto Lawyer: Familiar Outcome Happens to XRP Again

Michael Saylor's MicroStrategy to Issue $700M in Senior Convertible Notes to Buy More Bitcoin

Join our free newsletter for daily crypto updates!