Bitcoin’s recent ascent has garnered it a lot of attention, especially since October 16th when the market moved substantially higher on a false report of a spot Bitcoin ETF approval.
The world’s premiere cryptocurrency breached resistance at $35,000 on Monday, the first day of November. As of 11:05 PM EDT, Bitcoin is trading at a significant price point, $35,515 in the spot markets (Bitstamp) and $35,950 in the Futures markets (CME) at its close earlier today.
Since 2012, October has generally been a positive month for the world’s leading cryptocurrency. Out of the last 12 Octobers (as far as back as reliable data is plotted) 9 of them had overall gains for the month. That puts October as having a 75% success rate for Bitcoin bulls. However, that does not mean that the 25% price increase this month was guaranteed.
Moving on positive developments regarding BlackRock’s Ishares spot Bitcoin ETF, Bitcoin hit a high not seen since June 1, 2022. After opening above $30,000 for the first time since July 23, Bitcoin has so far reached $31,900 (6:15 EST) and shows no sign of slowing down.
