• Bitcoin briefly surpassed $62,000 but quickly fell back, currently trading around $61,271.

• BTC has risen over 7% this September, a notable change from its usual average loss of about 6% for this month.

Bitcoin recently showed a modest rise above $62K on October 2, but this rally quickly faded, reflecting a broader dip in the cryptocurrency market. Other major coins like Ethereum (ETH), Ripple (XRP), and Solana (SOL) faced declines of 5% to 10% over the past day. Analysts from QCP warn that if the situation in the Middle East escalates further, Bitcoin could drop to around $55,000. However, the $60K zone has provided solid support thus far.

After a geopolitical sell-off, Bitcoin’s bounce back was halted at $62,357 during the U.S. session, with prices dipping back below $60K later on. At the time of writing, Bitcoin trades around $61,271, displaying a slight rebound despite a more than 20% drop in daily trading volume.

Current Price Trends for Bitcoin

Despite recent volatility, Bitcoin has performed significantly this September, gaining over 7%. Historically, September has not been kind to BTC, usually averaging a loss of about 6%. This month has been a refreshing change amid global uncertainties.

The arrival of October, often called “Uptober,” initially brought disappointment for many crypto enthusiasts. Further, analyst Timothy Peterson suggests that the expected upward momentum may not kick off until after the 19th of this month. Historical patterns support a bullish outlook for Bitcoin in October, with an average gain of over 14% since 2018.

Bitcoin (BTC) Price Chart (Source: TragingView )

Based on a technical analysis of the BTC/USDT 4-hour chart, it shows a slight upward trend after Bitcoin reached a recent low of $59,996. Currently, the price sits below the 21-day moving average, and the 9-day moving average has also dipped beneath it. The RSI is at 39.48, indicating a neutral state, which supports the current price trend. 

Bitcoin must surpass the $63.5K zone. If that happens, there’s a possibility of climbing back to the $65,000 level. This could further validate the bullish sentiment for October, possibly pushing it past $68,000 or even $70,000.