“Uptober” hasn’t lived up to expectations so far.
Bitcoin is down 4.2% so far in October, significantly underperforming its average gain of 18.1% in October since 2020.
Buying pressure from the U.S. continues to weaken. The Coinbase Premium has remained in negative territory throughout October, reaching its lowest level since June.
Meanwhile, short-term traders are seeing their profit margins shrink: unrealized gains have fallen from 33% in September to just 8%.
📊 Key support levels:
• 77 600 $ – 365-day moving average
• 74 000 $ – Average acquisition cost for traders
Bitcoin is approaching a critical support zone. With U.S. demand weakening and unrealized gains declining, a break below these levels could trigger further selling pressure.
The big question is whether buyers will manage to defend these levels or whether another drop lies ahead.
#BTC #Binance #BinanceSquareTalks
Bitcoin is down 4.2% so far in October, significantly underperforming its average gain of 18.1% in October since 2020.
Buying pressure from the U.S. continues to weaken. The Coinbase Premium has remained in negative territory throughout October, reaching its lowest level since June.
Meanwhile, short-term traders are seeing their profit margins shrink: unrealized gains have fallen from 33% in September to just 8%.
📊 Key support levels:
• 77 600 $ – 365-day moving average
• 74 000 $ – Average acquisition cost for traders
Bitcoin is approaching a critical support zone. With U.S. demand weakening and unrealized gains declining, a break below these levels could trigger further selling pressure.
The big question is whether buyers will manage to defend these levels or whether another drop lies ahead.
#BTC #Binance #BinanceSquareTalks
