Catch-Up Season: Bitcoin Joins the Risk Rally

Just a week ago, Bitcoin was trading below $109K and sentiment was teetering on the edge of extreme fear. Many were calling for lower prices. Fast forward seven days and those same voices are now calling for all time highs as Bitcoin tapped $121K overnight, a move of over 10% in just a week.

It has been a sea of green across the entire space. Ethereum is up 15%, Solana up 23%, and Hyperliquid has climbed nearly 30% in the last week, so it has been a good time. The bullishness has extended to broader markets as well. Precious metals made fresh highs, although volatility was intense. Silver fell nearly 5% intraday and gold dropped almost 2% before buyers stepped in to stop the bleeding. Equities also printed new all time highs by opening higher and fading through the session. Strength has returned across the board, and the weeks of frustration while metals and equities pushed higher as crypto pulled back seem to have disappeared. Bitcoin is finally playing catch up.

Those who stayed calm during the recent pullback and used it to accumulate Bitcoin and altcoins are now the ones who are laughing. The fact that Bitcoin still has not made a new all time high shows this move is far from over. In reality, the bull run looks ready to resume. We have entered the most historically bullish part of the year. Uptober has already started strong, more rate cuts are expected, and it is a great time to be bullish and positioned. But there is still plenty of opportunity in the market, so do not feel like you have missed it. Bitcoin remains below its all time high, as do the majority of high quality altcoins.

Stormrake Spotlight: Aster (ASTER) ($1.77)

ASTER has followed the broader market, climbing nearly 10% yesterday with bulls reclaiming control. We have now seen the first higher high in over a week and momentum sits with the buyers. The question now is whether they can keep pushing ASTER higher without the hype of it being the shiny new toy, especially with Hyperliquid drawing so much attention after its massive rally.

BTC/USD Key Levels and Price Action:

Bitcoin is moving fast. Bulls are clearly in control. After a brief pause at the key $118K level, BTC pushed higher and reached $121K overnight before settling around $120K. We are now less than 3.5% away from the all time high. That level could be tested over the weekend.

BTC Total ETF Flows for 2 Oct: $ + 24.2 million

*All prices are denominated in USD unless stated otherwise*

Written by Alexandar Artis

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