Bitcoin Surges in 'Uptober' with Record Highs and Liquidated Short Positions
Bitcoin (BTC) starts the month of October with a strong bullish move, surpassing $28,000 and marking its best weekly close since mid-August. Market participants are optimistic about the potential gains in October, historically a positive month for BTC price. However, Bitcoin fundamentals, such as mining difficulty, are not reflecting the spike in spot price. Traders are cautious of a potential price reversal and are closely watching resistance levels. Meanwhile, macro triggers, such as US macro data and Federal Reserve speakers, are expected to impact market volatility.