Bitcoin (BTCUSD) experienced a surge, reaching its highest price in six weeks and surpassing $28,000 for the first time since August 17, in the wake of positive news from Washington, DC. The threat of a U.S. Federal government shutdown suddenly lifted late Saturday as president Joe Biden signed a temporary funding bill to keep agencies open with little time to spare after Congress rushed to approve the bipartisan deal. After days of turmoil in the House of Representatives, speaker Kevin McCarthy abruptly abandoned demands for steep spending cuts from his right flank and instead relied on moderate Dems to pass the bill. The Senate followed with final passage, closing a whirlwind day at the Capitol Hill.

BTC has been heavily accumulated in between 10,000 and 10,000 BTC wallets since September 1, totaling $1.17 billion, according to on-chain analytics platform Santiment.

The data also shows that large investors known as “sharks” and “whales” have accumulated more than 41,000 BTC since the beginning of September. “Unless these wallets start selling off now, a return to $30,000 in market cap is increasingly likely,” – Santiment wrote in a tweet on X. Interestingly, the term “Uptober” is commonly used to represent the typical bullish trend experienced by Bitcoin and other cryptocurrencies in October.