"This rebound reflects a positive but clearly cautious investor sentiment, especially with the approach of October-known in crypto circles as "Uptober," a month historically associated with strong rallies. While such seasonal patterns cannot be relied upon as a guarantee, they bolster trader psychology and encourage proactive repositioning in the market, which explains Bitcoin's ability to maintain gains despite a cloudy global economic outlook."
"The Relative Strength Index (RSI) dropped sharply from 60.7 to 34.6, signalling intense selling pressure that has since eased. Such levels are typically interpreted as signs of seller exhaustion and the potential for stabilization or a short-term upward reversal, which has already begun to materialize in recent price action. From my perspective, this rapid shift in technical indicators suggests that the market may be forming a new support base,"
Bitcoin rebounded above $114,000 after dipping to $108,000, reflecting cautious investor optimism ahead of October 'Uptober' seasonal expectations. Seasonal patterns bolster trader psychology and encourage repositioning, supporting Bitcoin's gains despite a cloudy global economic outlook. Technical indicators showed volatility: the RSI fell from 60.7 to 34.6, signalling intense selling pressure that later eased and suggesting seller exhaustion and potential short-term stabilization or upward reversal. The market may be forming a new support base, though breaking higher resistance remains necessary to confirm a longer-term bullish wave. Perpetual futures metrics also improved, with open interest rising and increased long bias.
Read at London Business News | Londonlovesbusiness.com
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