Asia Colour

BTC rallied from 62k to 65k as almost 80m of BTC and ETH leveraged shorts got liquidated. Some may attribute today’s rally to Mt. Gox postponing it’s repayment deadline to Oct 2025 but that news was out on Friday.

Although there could be many factors that could explain today’s move, it is quite an interesting time if we look at historical price action. We are in the middle of October and just three weeks away from the US elections.

If we look back to 2016, BTC was trading in a very tight range for more than 3 months. It wasn’t until three weeks before US Election day that BTC began it’s rally from 600 and finally doubling it’s price by the first week of January.

Similarly in 2020, BTC was stuck in a boring range for half a year and only started rallying from 11k just three weeks before US Election day, reaching a high of 42k by January.

Uptober has been rather disappointing so far with BTC up just +1.2% vs an average of +21%. After months of trading in the range, will history repeat itself? Today’s rally has definitely given the market a glimmer of hope just as Uptober optimism was fading.

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