Bitcoin saw a rise in price for two consecutive days on Monday, October 7th, as traders took on a risk-on sentiment. The price of Bitcoin reached an intraday high of $64,000, marking a 6.62% increase from its lowest point the previous week. Despite a retreat in American equities, some analysts and investors remain optimistic about Bitcoin’s prospects, with companies like MetaPlanet adding millions of dollars worth of coins to their reserves, following in the footsteps of major holders like MicroStrategy and others.
The rebound in Bitcoin’s price coincided with a notable increase in futures open interest, reaching its highest level since October 1. Expectations for the future price of Bitcoin remain positive, with key potential catalysts this week being Wednesday’s Federal Reserve minutes and Thursday’s US inflation data. Analysts predict that Bitcoin may retest its all-time high soon by breaking above key resistance levels and surpassing psychological price barriers.
