Increased interest rates cut and US elections will play a key factor in how market participants react. Crypto community members' expectations of more upside in October could fuel buying pressure, leading to a self-fulfilling prophecy. Bitcoin and the crypto market may rally in the coming days as “Uptober” is trending across several crypto community platforms on Tuesday. However, a few key market factors could alter or strengthen the bullish bias among investors.
Open interest needs to grow Open interest is the total number of unsettled contracts in a derivatives market. An increase in the total crypto market open interest during an uptrend signifies traders are more confident that the trend may continue. Hence, if open interest grows steadily in the coming weeks, an Uptober move will likely play out. However, a decline in open interest could signify a switch in tide toward bears.