CandleFocus Bitcoin's historic 'Uptober' trend faces challenges amid high futures interest, cooling spot buys
2024-09-30
Author: Content Editor
Bitcoin's usual strong performance in October, known as "Uptober," may be threatened this year due to high open interest in futures contracts and flattening buying activity by spot investors, according to the "Bitfinex Alpha" report. The report highlights that October has historically delivered strong returns for Bitcoin, with an average return of 22.9% since 2013. However, the report also points out a few warning signs, including the weakening of aggressive buys in the spot market and the high level of open interest in Bitcoin futures, which raises concerns about potential overheating in the market. Nevertheless, analysts believe a 5% to 10% pullback could cool the market without ending the recent uptrend.
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