Bitcoin commenced October with notable price fluctuations, stabilizing around the $85,000 mark after encountering resistance above this level. The cryptocurrency's recent rise follows the release of favorable personal consumption expenditures (PCE) data, which has helped narrow its year-to-date losses to just 3%.
Market data indicates that Bitcoin's price initially dipped from $84,410 to a support level near $83,500 before rebounding. By 1:45 p.m. EST, Bitcoin had reclaimed the $85,000 threshold, reflecting a 1% gain over the previous 24 hours.
Liquidation data from Coinglass reveals a significant drop in daily Bitcoin liquidations, which fell to approximately $35 million, down from over $80 million the day before. This cooling volatility has contributed to a more bullish market sentiment.
In a positive development for Bitcoin investors, Citigroup has raised its 12-month price target for Bitcoin from $82,000 to $113,000, anticipating around $5 billion in net ETF inflows. This adjustment reflects a growing confidence in the cryptocurrency market's potential as October, known as 'Uptober,' historically trends bullish for digital assets.
