Bitcoin closed out a third straight green month in September, setting up October — historically its strongest month — as the next test. Analysts point to reclaimed resistance levels as proof a bull market is underway, while CryptoQuant warns the rally might have slowed down.
Bitcoin enters October carrying a three-month winning streak, even though the asset remains in the red for the year. The next 30 days carry outsized weight: October has been BTC's greenest month since CoinGlass started tracking performance in 2013.
Bitcoin bottomed on July 1 at under $58,000 and rebounded to close that month with a 7.36% gain. August started slowly, but the back half of the month was explosive — BTC pushed above $75,000 and ended August with a 25% surge, its biggest monthly jump since October 2023.
September opened near $77,000 before BTC quickly climbed to $82,000. Bears then pushed back, and the price slipped to $75,000 in the middle of the month as the CLARITY Act failed in the US Senate and the Fed raised interest rates.
Despite those setbacks, Bitcoin bounced back and reclaimed the $80,000 level by the end of that week, a line it has held since. It even touched $87,000 on September 22 and 23 before being stopped. The month ultimately closed with a 6.33% gain, the third consecutive green month and fifth of the year.
History favors the bulls: 10 of the past 13 Octobers have closed in the green, with only three in the red. Combined with the current three-month streak, expectations for the month ahead have risen.
Many analysts say Bitcoin has reclaimed key resistance levels, which they read as confirmation that a bull market is underway. CryptoQuant, however, warned that the rally might have slowed down.
Source: CryptoPotato
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