Bitcoin spot volume passes $300B in October as traders show 'healthy' pivot

💡 DMK Insight

Bitcoin’s recent price dip to $109,717 triggered a surge in spot volume, signaling a shift in trader sentiment. This uptick in trading activity suggests that many are looking for safer bets amid market volatility. The term ‘Uptober’ hints at seasonal bullishness, but the current spike in volume indicates a cautious approach from traders. They might be hedging against potential downturns or looking to capitalize on short-term rebounds. Watch for key resistance levels around $112,000, as breaking through could lead to further bullish momentum. On the flip side, if BTC fails to maintain above $108,000, we could see a quick reversal, prompting a wave of profit-taking. Keep an eye on correlated assets like Ethereum, which often mirrors Bitcoin’s movements. A sustained increase in BTC volume could also lead to increased activity in altcoins, especially if traders seek diversification. For now, monitor the daily volume trends and price action closely; they’ll be crucial in determining the next moves.