On Oct. 14, bulls flexed their muscles and showed their intent to push the cost of Bitcoin (BTC) closer to its $65,900 best loftier. One reason for the move is the steady chatter about the possibility of a Bitcoin exchange-traded fund (ETF) beingness approved by the terminate of October.

Information from Cointelegraph Markets Pro and TradingView shows that afterward hitting a low of $54,103 on Oct. xiii, the price of Bitcoin rallied viii.ii% to an intraday high of $58,532 on October. 14 as the ETF give-and-take made fresh rounds on Crypto Twitter.

BTC/USDT 1-mean solar day chart. Source: TradingView

The spike higher up $58,500 is also meaning because it marks a 100% increase in the price of BTC since bottoming at $29,193 on July twenty, signaling a strong recovery and increasing demand.

Bitcoin's price functioning is also a signal that market participants are back in accumulation fashion, a fact that is backed by data from Glassnode showing that the corporeality of Bitcoin held in wallets of all sizes has been on the ascent since the price briefly dipped below $29,000 in mid-June.

Bitcoin hodl waves. Source: Glassnode

Badger DAO brings Bitcoin to DeFi

The rise price and growing bullish sentiment surrounding Bitcoin have also helped bring extra attention to Bitcoin-related projects that aim to facilitate its integration into the decentralized finance (DeFi) ecosystem and add smart contract capabilities to the Bitcoin ecosystem.

One beneficiary is Annoy DAO, a decentralized autonomous organization focused on building products and infrastructure around Bitcoin'southward utility in DeFi.

Data from and TradingView shows that since Oct. i, the price of its Annoy token surged 187% from a low of $15.69 to a daily high of $45.09 on Oct. 14 as its 24-hour trading volume increased by 147% to $162 one thousand thousand.

BADGER/USDT 4-hour chart. Source: TradingView

The surge in the price of Badger coincides with the token listing on crypto exchange Coinbase Pro.

Related: CME Bitcoin futures open involvement hits viii-month loftier, greater than when BTC price was at $65K

Stacks brings smart contracts to Bitcoin

Another Bitcoin-focused project that has seen a bump in its token price is Stacks, a layer-one blockchain solution aiming to bring smart contracts and decentralized applications to the Bitcoin network.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for Stacks' STX money on October. 11, prior to the recent cost rise.

The VORTECS™ Score, sectional to Cointelegraph, is an algorithmic comparing of historical and electric current market weather derived from a combination of data points including marketplace sentiment, trading volume, contempo price movements and Twitter activity.

VORTECS™ Score (green) vs. STX price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for STX began to option up on October. 11 and reached a high of 82 around 5 hours before the price increased 33% over the next two days.

Overall, the ongoing discussions about a Bitcoin ETF go on to help bulldoze speculation and price action across the crypto market, especially for tokens associated with the summit cryptocurrency. Just a give-and-take of caution is warranted, as at that place is still the possibility that this could turn into a purchase-the-rumor, sell-the-news blazon of event.

It'southward also worth noting that the possibility of a Bitcoin ETF has been discussed as far back every bit 2022, and it was one of the driving forces behind the 2022–2018 bull cycle, and then it would exist wise to wait for an official proclamation from a regulatory body earlier assuming that the arrival of a BTC ETF is guaranteed.

The views and opinions expressed here are solely those of the author and practice not necessarily reverberate the views of Cointelegraph. Every investment and trading move involves take a chance, and you should carry your own research when making a decision.