Bitcoin (BTC) price experienced a relief rebound on Monday after heavy liquidation of long traders last week. The flagship coin rebounded around 2% during the past 24 hours to trade at about $114,210 during the mid-North American session on September 29.
The altcoin market, led by Ethereum (ETH) and Binance Coin (BNB), rallied in tandem. As such, the total crypto market cap gained 2.1% to hover about $3.94 trillion at press time.
Top Reasons Why Bitcoin Price Rebounded Today
Whales’ Turnaround
According to a weekly report from CoinShares, Bitcoin’s investment product recorded a net cash outflow of about $719 million last week. The notable outflows last week were exaggerated by the spot BTC ETFs, which recorded a net cash outflow of about $902 million.
However, on Monday, Michael Saylor’s Strategy opened this week with an announcement that it has accumulated 196 BTC for $22 million. Earlier on Monday, Capital B announced its acquisition of 12 BTC, thus increasing its Bitcoin holdings to 2,812 coins.
Gold Rush to Hedge Against Inflation
Bitcoin price partially experienced bullish sentiment fueled by the notable Gold surge on Monday. According to market data from TradingView, the Gold price has rallied over 15% since mid-August to reach a new all-time high of about $3,833 per Ounce at press time.
The notable Gold price surge increased hope for a Bitcoin pump in the near future. Moreover, Bitcoin price is expected to perform well in October based on its historical performance.
Has BTC Price Experienced a Dead-Cat-Bounce?
According to crypto analyst Benjamin Cowen, the Bitcoin price is likely to continue rising in the coming weeks at the expense of altcoins. However, Bitcoin price in the midterm is likely to experience choppy markets, especially fueled by the $1.6 billion third distribution of FTX on September 30.
