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The bitcoin price rose above $64,000 briefly during Monday afternoon trading in Asia, as analysts said the cryptocurrency gained on the back of the rebound seen in Chinese equities.
Bitcoin climbed 2% in the past 24 hours to trade at $63,800 as of 2 a.m., according to The Block's Bitcoin price page.
“A significant driver of this momentum appears to be the recently announced stimulus package from China, which has bolstered market sentiment,” said Min Jung, analyst at Presto Research.
China’s Finance Minister, Lan Fo’an, outlined the country’s plans to provide a fiscal stimulus package to reinvigorate its economy but did not provide hard numbers regarding the size of the fiscal support. The Shanghai Composite Index rose 2.12% so far today.
“Prices did manage to jump this morning to above $64k as Chinese equities rebounded off the weekend disappointments, so risk sentiment will likely remain in 'buy everything' mode until further notice,” Augustine Fan, Head of Insights at SOFA.org, said.
The world’s largest cryptocurrency has been moving sideways, around $62,500 to $63,000 over the weekend. It had slipped to near $60,500 last Thursday following higher-than-expected U.S. consumer and producer price index data.
However, Fan noted that the markets remained composed while the U.S. inflation indicators increased. “Markets were initially confused by the data impact but ultimately decided that the 'core' inflation trend remained intact and the curve steepening move continued,” the SOFA.org analyst said.
Most non-stablecoin cryptocurrencies on the top 20 list also rose in price—ether added 3.24% to $2,539, while Solana gained 4.67% to trade above $152. The Block's data showed that the entire crypto market is also up 2%.
Still Uptober?
Looking ahead, Presto’s Jung pointed to China’s Q3 GDP data release on Friday and earnings reports from major U.S. banks as macroeconomic factors that could influence the market this week.
While October has historically been a stronger month for bitcoin and the broader crypto market, Jung said several significant uncertainties remain this month that warrants a more cautious approach.
“First, ongoing geopolitical risks in the Middle East present a significant overhang, with any escalation likely to affect global risk assets,” Jung said. “Second, with fewer than 30 trading days until the U.S. election, political uncertainty is another factor to watch.”
The U.S. presidential election is set to be held on Nov. 5. On the decentralized betting platform Polymarket, former president and crypto proponent Donald Trump is leading the polls with 54% against current Vice President Kamala Harris’s 45.4%.
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