Bitcoin reached $ 61,309 at the close of October, surpassing $ 58,763 from last March.
Much of the price boom in October was due to the launch of bitcoin ETFs.
Bitcoin registered the highest monthly close in its history in October, ending the month at $ 61,309. The latest record for monthly closings had occurred in March of this year, when bitcoin peaked that month at $ 58,763. October’s return, which reached 40%, is the highest this year and the highest since December 2020, when the monthly appreciation was 47%.
The noticeable bullish momentum in October also included the establishment of a new all-time high., on October 20, close to USD 67,000, reported by .. From the October opening price of $ 43,823, the pioneer cryptocurrency increased $ 17,483 in the month, which is also a record monthly increase.
At the time of writing, the BTC price is $ 61,544, according to the . price index. The graph below shows the monthly increases in the price of bitcoin since 2017.
The monthly price increase of $ 17,400 in October is the highest in the history of bitcoin. Source: TradingView.
Launching ETFs Boost Bitcoin Price
The launch of the first bitcoin ETFs stand out among the reasons that likely contributed the most to this October bull boom, following a 7% price drop in September.
Before these bitcoin exchange traded funds began trading on Wall Street, approval expectations for them had pushed the price of BTC above $ 60,000, as we report it in this medium. The launch of the first bitcoin ETF, by the company ProShares on October 19, contributed to the achievement of a new all-time high for the price of BTC, recorded the following day.
According to the bitcoin market analyst Willy Woo, the approval expectations of the bitcoin ETFs were joined by the so-called FOMO or fear of being left out, to drive the bitcoin rally, as reported in this medium.
However, after reaching the all-time high, not all holder segments maintained the necessary demand to sustain prices above USD 65,000. In particular, short-term holders stopped their BTC accumulation trend. As a result, price action entered a consolidation stage hovering around $ 61,000. Even if demand weakens, Woo notes that there is strong support at $ 55,000.
The analyst Plan B, who had estimated a closing price of USD 63,000 in October, points out in a recent analysis that the first cryptocurrency could close 2021 trading at USD 130,000, as reported by ..