Bitcoin is now on the climb after exhibiting negative behaviour for a while; it just reclaimed the $28,000 mark and ended the adverse trend. Some analysts now predict that the leading cryptocurrency will maintain its upward trend and surpass $31,000 during this typically optimistic month.
Cautious optimism
Bitcoin is presently valued at $28,301, up 4.4%, according to CoinGecko. With a $15.3 billion 24-hour trading volume, Bitcoin has a market valuation of $552 billion. Discussions regarding Bitcoin’s future growth have been reignited by this increase in value, which marks a break in the protracted downward trend that it has been suffering.
Potential investors and followers, however, have to approach this trend with cautious optimism. On Bitcoin’s one-hour chart, a negative divergence has been seen, per data from 100eyes Crypto Scanner.
Although prices are rising, this divergence between price movement and momentum indicators is seen as a negative indication, indicating that a reversal may be on the horizon despite the prices’ increases.
Strong investment flows
Smaller rivals like Ether, Litecoin, and Solana are seeing rises in addition to Bitcoin, bringing some hope back to the battered cryptocurrency industry.
There is considerable hope that this rise will continue into October in part because of higher buying flows, which may have been sparked by the start of a new accounting quarter.
However, market speculation on the expected approval of BlackRock’s Bitcoin ETF plans by the U.S. Securities and Exchange Commission also affects these investment flows.
