After Bitcoin hit a record high, it fell back due to profit taking
2025-10-07 08:08:05
After hitting a record high in the previous session, bitcoin retreated as traders took profits, according to data from the London Stock Exchange Group. James Madden, director of trading at Deus X Pay, said in a report that the previous rally in bitcoin was driven by a combination of institutional demand, macroeconomic positivity and seasonal momentum. In the week ended October 3, the inflow of funds into bitcoin spot exchange traded funds reached 3.20 billion US dollars. He further pointed out that the supporting factors at the macroeconomic level include: market expectations that the US Federal Reserve will further cut interest rates; and in the context of the US government shutdown, the correlation between bitcoin and gold prices is increasing. In addition, from the historical data, bitcoin tends to show an upward trend in October.
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