Daniel Walker
The price of Bitcoin briefly rose above $64,000 during Monday’s afternoon trading session in Asia, driven by a recovery in Chinese equities. At 2 a.m., Bitcoin was trading at $64,800, marking a 2% increase in the past 24 hours, according to PRIME’s Bitcoin price page.
Min Jung, an analyst at Presto Research, noted that the momentum was likely fueled by the announcement of a stimulus package from China, which has improved market sentiment. China’s Finance Minister, Lan Foโan, unveiled plans for fiscal measures aimed at boosting the country’s economy, though no specific figures were provided. In response, the Shanghai Composite Index climbed 2.12% earlier in the day.
Augustine Fan, Head of Insights at SOFA.org, commented that Bitcoin price spiked above $64,000 as Chinese stocks bounced back from weekend disappointments. He added that risk sentiment is likely to stay in “buy everything” mode for the time being.
BTC had been fluctuating between $62,500 and $63,000 over the weekend, after dropping to around $60,500 last Thursday, following higher-than-expected inflation data in the U.S. However, Fan observed that while U.S. inflation reports initially confused the market, traders ultimately maintained a calm approach, interpreting the core inflation trend as stable.
Other major cryptocurrencies also saw gains, with Ethereum rising 3.24% to $2,539 and Solana increasing 4.67% to surpass $152. The overall crypto market posted a 2% uptick, based on data from PRIME.
Whatโs Next for Bitcoin in October?
Looking ahead, Min Jung highlighted that macroeconomic factors such as China’s Q3 GDP report, expected on Friday, and earnings reports from major U.S. banks could influence the market in the near term. Although October has historically been a strong month for Bitcoin, Jung advised caution, citing several uncertainties.
“First, ongoing geopolitical tensions in the Middle East pose a risk, as any escalation could impact global markets,” Jung said. “Additionally, with fewer than 30 trading days until the U.S. presidential election, political uncertainty is another factor that could affect investor behavior.”
The U.S. presidential election is scheduled for November 5. According to decentralized betting platform Polymarket, Donald Trump, a supporter of cryptocurrency, is currently leading the polls with 54%, compared to Vice President Kamala Harrisโs 45.4%.
