FX.co ★ DecenTrader notes 'familiar bullish smell' in Bitcoin's recent performance

Bitcoin is charging ahead with bullish momentum, with many experts noting its confident uptrend. Currency strategists at DecenTrader echo this sentiment, pointing out that the first cryptocurrency saw a steep rise in the last week of September, bolstered by the Chinese government implementing a slew of measures to stimulate economic activity in the country.

According to analysts at the platform, the current ratio of long to short BTC positions is very low. Historically, such a setup has often preceded a surge in the leading cryptocurrency.

Bitcoin is "grinding up against ask liquidity once again with some passive selling into price around $65.8K," DecenTrader explained, noting that support is gradually shifting towards the $63,000 mark.

The digital currency currently lacks the momentum needed to break through resistance and start a rally, the experts believe. However, they expect the situation could change dramatically in early October, potentially propelling BTC back to the forefront of the market.

As Bloomberg reported earlier, Bitcoin had gained more than 10% by the end of September. Since the start of 2024, it has soared by 56%. Analysts attribute this impressive rise largely to the massive inflow of funds into spot BTC ETFs.