The United States equities markets have made a bullish start to the new week. The S&P 500 is up about 2.60% and the Nasdaq Composite has rallied more than 3%. This indicates that the markets have shrugged off September’s high inflation reading and shifted focus onto the third-quarter earnings.
The stock market’s recovery could pave the way for Bitcoin’s (BTC) $19,584 to break out of the range it has been stuck in for the past several days. A positive sign for the bulls is that the amount of Bitcoin held in cold storage or lost has risen to a five-year high, according to Glassnode data. Some analysts expect that Bitcoin could be closer to a bottom. Twitter trader Alan said that the stochastic indicator on Bitcoin’s monthly chart has reached levels similar to those seen during the 2014 and 2018 bear markets, indicating a likely macro bottom.