{"id":645876,"date":"2024-10-02T10:00:36","date_gmt":"2024-10-02T10:00:36","guid":{"rendered":"https:\/\/ktsl888.com\/?p=645876"},"modified":"2024-10-02T09:49:32","modified_gmt":"2024-10-02T09:49:32","slug":"bitcoin-starts-october-red","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-starts-october-red\/","title":{"rendered":"Bitcoin Starts October In The Red After Crash To $61,000, Is ‘Uptober’ A Myth?"},"content":{"rendered":"

Bitcoin started<\/span><\/a> the month of <\/span>October on a negative note,<\/span><\/a> deviating from <\/span>what many investors had expected<\/span><\/a> 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.<\/span><\/p>\n

The first 24 hours of October have been riddled with outflows from the crypto industry. <\/span>Bitcoin, in particular, fell below $61,000<\/span><\/a>, according to Coinmarketcap, as tensions started <\/span>to rise in the Middle East<\/span><\/a>. Going by this decline, it has raised questions as to the outlook for Bitcoin in the rest of the month.\u00a0<\/span><\/p>\n

Current Bitcoin Price Action<\/h2>\n

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.<\/span><\/p>\n

Related Reading: Shiba Inu Price Could Jump 200% To $0.00006 In October, Here\u2019s Why<\/a><\/div>\n

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\u2019s 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.<\/span><\/p>\n

\n

After spending five minutes scrolling through the timeline you\u2019d think we\u2019re never going to see a green candle again<\/p>\n

\u2014 K A L E O (@CryptoKaleo) October 1, 2024<\/a><\/p><\/blockquote>\n

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.\u00a0<\/span><\/p>\n

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.<\/span><\/p>\n

\"Bitcoin\"
Source: FarsideUK<\/figcaption><\/figure>\n

Is Uptober A Myth?<\/h2>\n

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.\u00a0<\/span><\/p>\n

Related Reading: Crypto Researcher Reveals Why XRP Price Reaching $1,000 Is Not A Pipe Dream<\/a><\/div>\n

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.\u00a0<\/span><\/p>\n

In the face of these tensions, Bitcoin’s potential role as a safe haven asset similar to gold <\/span>could rise among market participants<\/span><\/a> in the rest of the month and beyond.<\/span><\/p>\n

\"Bitcoin
BTC price suffers from bearish pressure | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

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.\u00a0 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\u2019s 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\u2019s 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\u2019d think we\u2019re never going to see a green candle again \u2014 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.\u00a0 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.\u00a0 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.\u00a0 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<\/p>\n","protected":false},"author":594,"featured_media":644188,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-645876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nBitcoin Starts October In The Red After Crash To $61,000, Is 'Uptober' A Myth?<\/title>\n<meta name=\"description\" content=\"Bitcoin started the month of October on a negative note, deviating from what many investors had expected leading up to 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Starts October In The Red After Crash To $61,000, Is ‘Uptober’ A Myth?","url":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-starts-october-red\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-starts-october-red\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Trims-Gains.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Trims-Gains.jpg?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","crypto","crypto analyst","crypto news"],"dateCreated":"2024-10-02T10:00:36Z","datePublished":"2024-10-02T10:00:36Z","dateModified":"2024-10-02T10:00:36Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Starts October In The Red After Crash To $61,000, Is ‘Uptober’ A Myth?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-starts-october-red\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-starts-october-red\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Bitcoin-Trims-Gains.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Bitcoin-Trims-Gains.jpg?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto analyst\",\"crypto news\"],\"dateCreated\":\"2024-10-02T10:00:36Z\",\"datePublished\":\"2024-10-02T10:00:36Z\",\"dateModified\":\"2024-10-02T10:00:36Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/Bitcoin-Trims-Gains.jpg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/645876"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=645876"}],"version-history":[{"count":1,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/645876\/revisions"}],"predecessor-version":[{"id":645883,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/645876\/revisions\/645883"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/644188"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=645876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=645876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=645876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}