During the day, cryptocurrencies made their investors smile a little with their upward movement. The 4% rise on the Bitcoin side made Ethereum and other altcoins also move up.
While the dollar index (DXY), which fell to 111 levels, was effective in the upward movement of the market, the US stock markets, which closed positively yesterday, also supported the rise.
When we look at the Bitcoin chart, it does not go unnoticed that the price is trying to break the downward trend that has been occurring since November 2021, when it peaked.
As of now, although the Bitcoin price has risen above this level, which could not be tried 3 times before, it will be important to confirm the breakdown, especially if it is closed above $ 20,200 for a few days.
In the event of this breakdown, we will have provided important data that we can spend October with an upward trend, although it cannot be said that the bear market is completely over.
On the other hand, the absence of a Fed meeting in October is another important issue that strengthens the possibility that we can spend this month with a rise, as we have stated before.
Miner Hash Rate is at the Top!
In addition, when we look at the on-chain data, it is seen that the Bitcoin hash rate has reached record data.
This shows that demand for Bitcoin mining has peaked and provides positive data for the price trajectory.
Commenting on this data during the day, Binance CEO CZ said, “The miners know something we don’t.” In fact, he stated that he expects a rise.
The miners know something we don’t.
— CZ 🔶 Binance (@cz_binance) October 4, 2022
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