Originally published on: October 02, 2023
Bitcoin’s price soared towards $28,500 during the October 2 Wall Street open as the bullish momentum of the month continued. Data from Cointelegraph Markets Pro and TradingView indicated a strong performance by BTC as it entered the first US trading session of October.
Despite a lukewarm monthly candle completion at $26,970, Bitcoin made rapid gains into the weekly close. Analysts like Rekt Capital expressed caution due to the September Monthly Candle Close below $27,100, suggesting a potential upside wick in the price action.
Market observers also highlighted signs of disbelief in the market, with spot bids continuing and funding remaining negative. This sentiment was countered by the US Dollar Index (DXY), which rebounded sharply after Congress avoided a government shutdown, reaching near 2023 highs at 106.7.
Crypto analyst Nebraskan Gooner predicted a breakout could lead the DXY to hit 108, marking new 11-month highs. Despite the strength of the DXY, Bitcoin remained resilient, showcasing its independence from traditional market indicators.
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