Bitcoin Hits a Six-Week High on Inflows and BlackRock ETF Speculation!

Author: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Oct 2, 2023 12:10

Bitcoin reached a six-week high as inflows increased at the start of October, a month that is typically positive for the cryptocurrency. The rally was also driven by speculation that the US Securities and Exchange Commission will eventually approve BlackRock’s Bitcoin ETF proposals. Smaller peers, including Ether, Litecoin, and Solana, also rallied. Bitcoin rose as much as 3.9% to $28,173, the highest level since August 17. The rally is expected to continue, with some predicting $30,000 as the next major resistance level for Bitcoin. Traders are also awaiting the trial of Sam Bankman-Fried, founder of bankrupt crypto exchange FTX, which starts today.