Bitcoin Price Starts Uptober Down 07 on Hopes of Final

Bitcoin Price Starts “Uptober” Down 0.7% on Hopes of Final Boost from $20,000 – Cointelegraph

Bitcoin (BTC) failed to hold $20,000 through September’s monthly close as a trader eyed one last comeback before a renewed downtrend.

Bitcoin Price Starts Uptober Down 07 on Hopes of FinalBTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView

Trader’s upside target of $20,500 stands

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD remaining lower around $19,400 after the month ended.

Capping 3% losses, the monthly chart failed to recover on Oct. 1, with BTC/USD down another 0.7% in the “uptober” so far, according to data from on-chain data source Coinglass.

1664772492 371 Bitcoin Price Starts Uptober Down 07 on Hopes of FinalChart of monthly BTC/USD returns (screenshot). Source: coin jar

Gloomy financial data from macro markets contributed to a lack of appetite for risky assets and the outlook remained bleak among crypto traders.

Crypto’s popular Il Capo Twitter account was yet to see a return above $20,000 on the day, followed by a dive much less.

A additional contribution has seen steady $192,000 worth of buy-ins on the FTX exchange, which he says could contribute to the short-term uptrend.

Still, at the time of writing, BTC/USD seemed poised for volatility through to the weekly close as suggested by the Put on Bollinger Bands on lower timeframes.

1664772493 734 Bitcoin Price Starts Uptober Down 07 on Hopes of FinalBTC/USD 1 hour candlestick chart (Bitstamp) with Bollinger Bands. Source: TradingView

The September close nonetheless continued a losing streak for Bitcoin that is now rivaling the bear market of 2018, Caleb Franzen, senior market analyst at Cubic Analytics, pointed out.

“#Bitcoin has officially produced 10 consecutive red monthly Heikin-Ashi candles with the end of September,” he uncovered on Twitter, more:

“This is the longest such streak since the 2018 bear market, which produced 14 red candles from Feb 18 to Mar 19. Every bear market has been longer than the last…”

1664772494 745 Bitcoin Price Starts Uptober Down 07 on Hopes of FinalBTC/USD 1-month Heikin Ashi candlestick chart (Bitstamp). Source: TradingView

Big banks are ringing alarm bells among analysts

The macro story of the moment revolved around major global banks, with worrying signals from Credit Suisse making the headlines.

See Also: Bitcoin 2021 Bull Market Buyers ‘Capitulate’ as Data Shows Losses of 50%

The Swiss lender’s share price, which had nearly collapsed since 2021, now had concerns about expanding to institutions like Deutsche Bank, UniCredit and even the Bank of China.

“Credit Suisse is not the only big bank whose price-to-book is sending out warning signals. The list below includes all G-SIBs with PtBs below 40%,” said Alistair Macleod, Research Director at Goldmoney. said via a tweet by uploading a comparison chart of the price-to-book ratios of various banks. He continued:

“A failure of one of them will likely jeopardize the survival of the others.”

In a memo quoted by Portal on Oct. 2, Credit Suisse CEO Ulrich Koerner warned investors not to “confuse our daily share price performance with the bank’s strong capital base and liquidity position.”

The events follow the Bank of England’s return to quantitative easing last week in an unprecedented turnaround with inflation at 40-year highs.

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