Bitcoin vs. history: BTC price teases 7% gains as 'golden week' ends

Key points:

• Bitcoin is moving retired of clip to seal “golden week” gains that person been modular since 2015.

• BTC terms enactment needs to reclaim $116,000 by the Wednesday regular close, probe shows.

• Crypto markets whitethorn bask a last-minute assistance from US interest-rate cuts.

Bitcoin (BTC) has hours to prevention its modular October “golden week” arsenic terms struggles to support $113,000.

Data from web economist Timothy Peterson published connected X demands that BTC/USD summation 7% by the extremity of the time Wednesday.

Bitcoin Uptober rescue starts with $116,000 reclaim

Bitcoin seasonality remains successful absorption arsenic a disappointing “Uptober” comes to an end.

For Peterson, 1 country of involvement is the play illustration — and 3 seven-day periods successful particular.

Historical information shows that since 2015, BTC terms has enjoyed 3 reliably palmy weeks each twelvemonth — 1 each successful February, March and October.

The October “golden week,” which ends connected Oct. 29, has delivered 7% upside successful the past. BTC/USD deed the people up of clip when it tapped $116,000 Tuesday, but has since fallen back.

“Oct 29th marks the extremity of 1 of Bitcoin's 3 aureate weeks when, successful a emblematic year, Bitcoin gains 7% successful a 7 time play (the others are successful March and February),” Peterson commented.

Bitcoin terms seasonality data. Source: Timothy Peterson/X

At existent levels, golden-week gains basal astatine astir 4.5% — different letdown for Bitcoin bulls, who person watched October gains fizzle into level show month-to-date.

Peterson nevertheless reveals that the concern whitethorn not beryllium each atrocious news. Previous terms seasonality probe shows that the Bitcoin bull marketplace is inactive connected way for caller all-time highs supra $160,000 successful December.

Bitcoin seasonality, which I person been pursuing each year, is inactive tracking the 30th percentile. This implies a terms of $162,000 successful December. pic.twitter.com/oETxhuvLBz

Hopes connected the Fed and China commercialized deal

As Cointelegraph continues to report, crypto and risk-asset tailwinds are stacking up into the monthly close.

Related: Mt. Gox delays $4B Bitcoin repayments: Bullish oregon bearish for BTC price?

The US Federal Reserve is expected to proceed cutting involvement rates astatine its gathering connected Wednesday, portion the US and China enactment connected a last-minute woody to avert punitive commercialized tariffs.

Technical signals for Bitcoin, contempt the latest dip, besides stay promising successful the abbreviated term. The comparative spot scale (RSI) continues to rebound connected hourly timeframes aft printing a hidden bullish divergence. 

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.