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Market Update: Bitcoin pulls back after peaking at $68,000

Last night, Bitcoin's price briefly rose above $67,788.

By Mike Hesp
• 2 min read
Market Update: Bitcoin pulls back after peaking at $68,000

Last night, Bitcoin's price briefly rose above $67,788. Immediately after, a sharp pullback followed, pushing Bitcoin to $64,870. At the time of writing, Bitcoin is worth $67.2, up 3.1% over the last 24 hours.

Many investors hope the rally continues into the second half of October and that Bitcoin reaches new all-time highs. Is the end of the long sideways market movement near?

There are signs of optimism. According to recent data from Farside Investors, U.S. Bitcoin spot ETFs posted a net inflow of $371 million yesterday, building on a strong Monday with $556 million in net inflows.

Market sentiment has also improved after recent trading days. The Fear & Greed Index, a sentiment indicator, now points from fear to greed with a score of 73.

Ethereum, the second-largest crypto, rose yesterday by 0.9% to $2,617. Over the week, Ether rose 6.86%, which is less than Bitcoin.

Some other popular altcoins have posted notable gains: Ethena (ENA) up 51.7% last week, Worldcoin (WLD) up 24.7%, and Celestia (TIA) up 16.9%.

October is traditionally known as a strong trading month for Bitcoin and other cryptocurrencies. In particular, loose monetary policy in the US, China, and the EU could provide extra support to the crypto market.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.