On October 7, it was reported that Bitcoin fell following a record high as traders took profits. This profit-taking dampened the bullish momentum observed in prior trading.
James Madden, trading director at Deus X Pay, highlighted that institutional demand and positive macroeconomic conditions were key drivers of Bitcoin’s prior rally, alongside favorable seasonal momentum.
Notably, Bitcoin spot ETFs saw an influx of 3.2 billion USD before October 3. Macroeconomic factors such as potential US Federal Reserve interest rate cuts and a growing correlation with gold during the US government shutdown also support Bitcoin.
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