-
Bitcoin
(BTC)
climbed
above
$65,000,
marking
a
4%
increase
in
24
hours,
influenced
by
positive
movements
in
the
S&P
500
and
expectations
of
stimulus
in
China. -
Trading
firm
QCP
Capital
highlighted
similarities
between
current
price
actions
and
those
seen
before
U.S.
elections
in
2016
and
2020,
suggesting
a
pattern
where
Bitcoin
sees
significant
gains
in
the
weeks
leading
up
to
the
election,
fueling
‘Uptober’
optimism. -
The
S&P
500
also
opened
at
a
new
high,
indicating
a
bullish
market
trend,
which
often
correlates
with
cryptocurrency
performance.
Bitcoin
(BTC)
rose
above
$65,000
in
U.S.
morning
trading
hours
Monday
as
the
S&P
500
index
opened
to
fresh
highs,
with
some
traders
arguing
that
historical
price
patterns
witnessed
ahead
of
prior
U.S.
presidential
elections
might
offer
a
reason
to
be
bullish
ahead
of
November’s
upcoming
vote.
BTC
is
up
4%
in
the
past
24
hours,
data
shows,
with
the
broad-based
CoinDesk
20
(CD20),
a
liquid
fund
tracking
the
largest
tokens,
up
3.1%.
SPX
rose
14.8
points,
or
0.25%,
at
the
open
to
5,829.81
ahead
of
a
week
packed
with
corporate
earnings
and
economic
data,
per
Reuters.
BTC
rallied
from
$62,000
to
$65,000
since
early
Asian
hours
Monday,
liquidating
over
$80
million
of
BTC
and
ether
(ETH)
leveraged
shorts
–
or
bets
against
the
tokens.
The
early
move
came
on
renewed
hopes
of
a
future
stimulus
for
Chinese
markets,
which
tends
to
move
riskier
assets,
including
cryptocurrencies.
Trading
firm
QCP
Capital
said
the
move
was
similar
to
BTC’s
price
action
in
2016
and
2020
before
the
U.S.
elections.
“If
we
look
back
to
2016,
BTC
traded
in
a
very
tight
range
for
over
3
months,”
QCP
traders
said
in
a
broadcast
message.
“It
wasn’t
until
three
weeks
before
U.S.
Election
day
that
BTC
began
its
rally
from
$600
and
finally
doubling
its
price
by
the
first
week
of
January.”
“Similarly,
in
2020,
BTC
was
stuck
in
a
boring
range
for
half
a
year
and
only
started
rallying
from
$11K
just
three
weeks
before
U.S.
Election
day,
reaching
a
high
of
$42K
by
January,”
they
added.
“Today’s
rally
has
definitely
given
the
market
a
glimmer
of
hope
just
as
Uptober
optimism
was
fading,”
the
traders
said,
referring
to
October’s
historically
bullish
seasonality.
October
has
only
twice
ended
in
the
red
since
2013
–
chalking
gains
of
as
high
as
60%
and
an
average
of
22%
to
make
it
the
best
for
investor
returns.
However,
prices
have
largely
remained
stable
in
the
past
two
weeks,
denting
investor
hopes.
The
bitcoin
price
was
around
$63,330
on
Sept.
30,
so
the
largest
cryptocurrency
is
up
just
a
touch
on
a
month-to-date
basis.
A
CoinDesk
analysis
has
shown
that
most
gains
in
October
tend
to
come
in
the
second
half
of
the
month
–
with
price
jumps
as
high
as
16%
generally
appearing
after
Oct.
15.