Long

Bitcoin

rocky

Time

<p>As October begins, traders on Binance are making confident moves with Bitcoin (BTC). A notable <strong>61.36%</strong> of traders are going long, believing that Bitcoin's price will rise this month. This optimism follows a strong September, where Bitcoin gained <strong>7.35%</strong>, marking its <a href="https://coinpedia.org/news/bitcoin-struggles-after-best-september-ever-but-could-74k-still-be-in-sight/" target="_blank" rel="noreferrer noopener">best September ever</a> </p>   
<p>With such confidence among traders, many are left wondering: Is now the perfect time to buy the dip?</p>   
<h2 class="wp-block-heading" id="h-why-are-traders-fleeing">Why Are Traders Fleeing? </h2>   
<p>However, the start of the month has been rocky for global stocks and risk assets like Bitcoin (BTC). The market took a hit after Iran launched 200 missiles at key locations in Israel. In response, Israel threatened retaliation, adding to market concerns.</p>   
<p>Bitcoin dropped to a low of $60,300, reflecting a rough start to a month that is usually strong for the cryptocurrency. This sharp decline led to significant losses for futures traders, who faced their largest setbacks since early August.</p>   
<h2 class="wp-block-heading" id="h-liquidations-soar"><strong>Liquidations Soar </strong></h2>   
<p>Coinglass date revealed that in just 24 hours, futures tied to major tokens saw over <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener nofollow">$452.9 million in long liquidations</a> as Bitcoin's drop led to losses among many tokens, some falling as much as 8%. Surprisingly, almost 86% of all futures bets were bullish!</p>   
<p>About 38.64% of traders are taking a cautious approach by placing short bets on Bitcoin, indicating that they believe the price might soon decline. This highlights the uncertainty still present in the market.</p>   
<p>Prominent crypto analyst Ali Martinez points out a promising trend in the current Long/Short ratio, which is 1.59. This ratio suggests that more traders are betting on an increase in Bitcoin’s price.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/ali_charts/status/1841367700548825438 
 </div>
</figure>   
<p>Interestingly, 61.36% of traders remain optimistic, expecting Bitcoin’s price to rise this month. Historically, October has been one of Bitcoin's strongest months, and traders are hopeful for a repeat of past successes.</p>   
<p>Long traders are encouraged by Bitcoin’s recent gains, as BTC closed September with a notable 7.35% increase. They see October as an opportunity for profit, with many speculating that the price could soon surpass $74k.</p>   
<p>As October unfolds, all eyes will be on Bitcoin to see if the bullish trend continues.</p>   [post_titles_links postid="358355"]   
<h2 class="wp-block-heading" id="h-time-to-buy-the-dip">Time to Buy the Dip?</h2>   
<p>Growing global tensions have shaken the crypto market, causing panic selling as investors quickly sell off their assets out of fear. However, this sell-off can create valuable buying opportunities for smart investors. When the market is in turmoil, it might be the best time to buy the dip!</p>

Is the Bitcoin Bull Run Back? Traders Bet on October Gains

Table of Contents

CoinPedia News

Other articles published on Oct 2, 2024

SEC enforcement chief Grewal to step down

21.co Integrates Chainlink Proof of Reserve for Enhanced Transparency in Wrapped Bitcoin

What Is Donald Trump’s New Crypto Project, World Liberty Financial?

Wall Street Hedge Fund Takes Entry in Crypto; Onchain Trends Show Accumulation of These 3 Altcoins

Missed Shiba Inu? 4 Altcoins Poised to Surge Before 2026!

Fidelity Ethereum ETF Sees Major Withdrawals Amid Market Tension

Join our free newsletter for daily crypto updates!