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Bitcoin Price Begins ‘Uptober’ With 0.7% Drop Amid Expected Final $20,000 Push

Bitcoin (BTC) failed to hold above $20,000 until September’s monthly close. This is because one trader has targeted a final rally before a new drop.

BTC/USD 1 hour candlestick chart (Bitstamp).Source: Trading View

Trader’s $20,500 upside target remains unchanged

According to data from Cointelegraph Markets Pro and TradingView, BTC/USD remained low after ending the month around $19,400.

Data from on-chain data resource Coinglass shows the monthly chart capped at a 3% loss and failed to recover on Oct. 1, with BTC/USD falling another 0.7% so far in the ‘Uptober’. I’m here.

BTC/USD monthly return chart (screenshot).Source: Coinglass

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

Popular Twitter account Crypto’s Il Capo managed to earn over $20,000. much lower.

Ann Concurrent post He argued that there was a steady buy-in worth $192,000 on exchange FTX, which could contribute to the short-term rally.

At the time of writing, BTC/USD looked likely to show some volatility towards the week’s close. tightening Bollinger Bands on the lower timeframe.

BTC/USD 1 Hour Candle Chart (Bitstamp) with Bollinger Bands.Source: Trading View

Nonetheless, as Caleb Franzen, Senior Market Analyst at Cubic Analytics, highlighted, Bitcoin’s losing streak, which rivaled the 2018 bear market, continued.

“Bitcoin has officially produced 10 consecutive red monthly Heikin Ashi candles with a September deadline,” he said. clearly.

“This is the longest streak since the 2018 bear market, which produced 14 red candles from February 2018 to March 2019. Each bear market streak is longer than the last. increase…”

BTC/USD One Month Heikin Ashi Candlestick Chart (Bitstamp). Source: Trading View.

Major banks ring alarm bells among analysts

The macro story of the moment revolved around major global banks spotted by worrying signs emerging from Credit Suisse.

RELATED: Bitcoin 2021 Bull Market Buyers ‘Surrender’ as Data Shows 50% Losses

Shares of Swiss lenders have all but collapsed since 2021 and now have concerns spreading to institutions such as Deutsche Bank, UniCredit and even Bank of China.

Alistair MacLeod, GoldMoney’s head of research, said: respondeduploading comparative charts of prices and book ratios of various banks.

“If one of them fails, the survival of the rest could be put into question.”

In a memo quoted by Reuters on October 2, Credit Suisse CEO Ulrich Koerner told investors that “the day-to-day share price performance is based on the bank’s strong capital and liquidity position. not to be confused with,” he warned.

The event follows the Bank of England’s return to quantitative easing (QE) last week, with inflation at its highest level in 40 years, in an unprecedented U-turn.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and trading movements involve risk. You should do your own research when making a decision.