Bitcoin Starts October In The Red After Crash To $61,000, Is ‘Uptober’ A Myth?
02 Oktober 2024 - 12:00PM
NEWSBTC
Bitcoin started the month of October on a negative note, deviating
from what many investors had expected leading up to the month.
Bitcoin, which had been on a notable price increase earlier,
started to face setbacks as September ended, leading up to the
first 24 hours of October. The first 24 hours of October have been
riddled with outflows from the crypto industry. Bitcoin, in
particular, fell below $61,000, according to Coinmarketcap, as
tensions started to rise in the Middle East. Going by this decline,
it has raised questions as to the outlook for Bitcoin in the rest
of the month. Current Bitcoin Price Action The buzz leading
into October centered around expectations that Bitcoin would extend
its bullish momentum and break through key resistance levels.
According to price data, Bitcoin ended the month of September 7.11%
above where it started, even peaking above $66,000 at one point.
Related Reading: Shiba Inu Price Could Jump 200% To $0.00006 In
October, Here’s Why However, at the time of writing, Bitcoin has
fallen by almost 7% from the September peak. Furthermore,
Coinmarketcap data shows that Bitcoin has been down by 3.6% in the
past 24 hours. The swift downturn has altered the market’s
sentiment, with the once-bullish outlook giving way to fear and
uncertainty. The Fear and Greed Index, which gauges the market’s
emotions and risk appetite, now reads 39 and signals “Fear.” It
would seem crypto investors are now panicking, with crypto analyst
Kaleo even calling this to attention on social media platform X.
After spending five minutes scrolling through the timeline you’d
think we’re never going to see a green candle again — K A L E O
(@CryptoKaleo) October 1, 2024 Bitcoin’s price action is highly
sensitive to events in the world. Notably, the recent decline in
the price of Bitcoin can be attributed to geopolitical conflicts in
the Middle East. Its recent performance in the face of geopolitical
turmoil casts doubts on its role as a safe haven asset. Spot
Bitcoin ETFs, which are meant to prop up the Bitcoin spot price,
also ended eight consecutive days of inflows with massive outflows
on October 1, most likely in reaction to the Middle East tensions.
According to Spot Bitcoin ETF flow data from Farside Investors,
institutional investors pulled out $246.2 million yesterday. Is
Uptober A Myth? The optimistic outlook seems to have faded quickly
among many crypto investors. However, many participants are still
holding on to the bullish outlook, especially considering the month
still has a long way to go before its conclusion. Related
Reading: Crypto Researcher Reveals Why XRP Price Reaching $1,000 Is
Not A Pipe Dream History shows, more often than not, that October
has always been a positive month for Bitcoin. Most importantly, the
positive performance was mostly in the second half of the month.
Considering the month is only at its beginning, it is more logical
to wait and examine how the price action plays out for the rest of
the week before drawing any conclusion on Uptober. In the
face of these tensions, Bitcoin’s potential role as a safe haven
asset similar to gold could rise among market participants in the
rest of the month and beyond. Featured image created with Dall.E,
chart from Tradingview.com
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