Uptober: Bitcoin jumps 6% while DXY and gold post negative returns
Bitcoin has outperformed gold and the DXY in October, posting a 6% increase while the two closed the month in the red, continuing the downward trend that began earlier in the year.
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Social sentiments surrounding the KLAY token is currently bullish as the asset currently leads LunarCrush AlternativeRank combined social and market activity.
Bitcoin adoption increases as Bitcoin and gold achieve an 85% correlation since November 2021. Based on historical data, high correlation indicates a Bitcoin bottom.
Over 50 million HT tokens have left exchanges over the last 30 days indicating that investors are bullish on HT for the long term.
An analyst on Tradingview pointed out that Quant is in the overbought zone, as its asset's Relative Strength Index (RSI) was over 75 at press time.
Bitcoin sinks on news that CPI inflation came in above expectation. The odds of a fourth 75 bps rate hike have increased as a result.
Macroeconomic concerns like Credit Suisse's possible insolvency and the further escalation of the crisis in Ukraine also appear not to be affecting Bitcoin's performance presently.