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Crypto

Bitcoin is once again trading dramatically higher after a brief four-day period of consolidation and slightly lower pricing. This correction seems to be technical in nature, likely the result of traders pulling profits. as the CPI report released yesterday revealed steady inflation rates going against forecasts that called for an uptick.

Rarely do I ever see a weekly chart as bullish as Solana’s.

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.