Bitcoin Continues Bullish Start to October, Aims for $28,500

Bitcoin's Monthly Close Calls for Caution

Bitcoin (BTC) is on track to target $28,500 as it maintains a strong start to October, according to data from Cointelegraph Markets Pro and TradingView. Despite a cool monthly candle completion that left BTC/USD at $26,970, popular trader and analyst Rekt Capital warns of a potential "upside wick" fakeout. While the October breakout could invalidate the bearish predicament, Rekt Capital emphasizes that because BTC closed below the black line, there is a chance it could end up as an upside wick. Bitcoin has historically offered upside wicks of up to +8% before, and with the cryptocurrency currently up +4.5% this month, anything up to ~$29,400 (+8%) could theoretically end as an upside wick.

Ongoing Encouraging Signals on Exchange Order Books

Market observers note that exchange order books continue to show encouraging signals. Despite negative funding, spot bid remains strong, indicating an element of disbelief among traders. The move after the Wall Street open is being driven by spot markets, displaying an "interesting disconnect" with derivatives, according to fellow trader Skew.

Bitcoin Unfazed by U.S. Dollar Surge

The U.S. dollar, eager to hit new local highs, staged a sharp rebound after Congress avoided a government shutdown. The U.S. dollar index (DXY) is currently hovering around 106.7, just 0.2 points off its recent 2023 highs. If the DXY breaks out from here, crypto analyst Nebraskan Gooner believes it could reach 108, marking new 11-month highs. Despite the strength of the DXY, Bitcoin remains unaffected.

Please note that this article does not offer investment advice or recommendations. Readers should conduct their own research and be aware of the risks involved in investment and trading decisions.