Bitcoin Starts October In The Red After Crash To $61,000, Is ‘Uptober’ A Myth?

Quick Summary:

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.

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.

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.

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Article Details

Author / Journalist: Scott Matherson

Category: Crypto

Markets: United KingdomIsrael

Topics: Bitcoin news Bitcoin Crypto analyst Crypto news Bitcoin price Bitcoin Crypto Analyst Btc BTC news BTCUSDT Btc price Btcusd

Source Website Secure: Yes (HTTPS)

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Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-02 @ 10:00:36 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 477 words

Reading Time: 3 minutes read

Sentences: 71 lines

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Copyright Owner: © NewsBTC

News ID: 22848816

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