The price of Bitcoin (BTC) is nearing $11,000 once again after a shaky start to October. Last week BTC fell below $10,500 but on Oct. 9 the price swifty recovered to $10,940.
In the short term, there are three factors that could enhance bullish sentiment and push the price above $11,000. The possible catalysts are Square’s $50 million investment in Bitcoin, a prolonged accumulation phase, and the recent spike in on-chain activity.
BTC/USD daily chart. Source: TradingView.com
Square’s $50 million Bitcoin investment is symbolic
On Oct. 8, Square, an $81 billion payments conglomerate, announced that it had purchased $50 million worth of Bitcoin which represents 1% of the company’s total assets.
In an official statement, Square’s chief financial officer Amrita Ahuja said the Bitcoin investment is a step toward financial inclusion. Ahuja said:
“We believe that bitcoin has the potential to be a more ubiquitous currency in the future. As it grows in adoption, we intend to learn