#bitcoin
$BTC Holds Above $77K: Why Isn't It Dropping Harder Amid the General Storm? 📉⚡️
"Uptober" has officially failed - Bitcoin closed the month down by approximately 7%. Yet, looking at the surrounding macro factors, a question arises: why is BTC still trading in the upper $70,000 range instead of plummeting to the bottom?
📊 Meanwhile, the market environment appears extremely tense:
➡️ Global Market Turmoil: Volatility on Wall Street is hitting record highs. The Nasdaq closed October nearly 8% below its peaks, driven by fears that massive AI spending might not yield the expected returns. China’s CSI 300 index experienced its worst month in over a decade, falling 15% over 12 consecutive weeks.
➡️ Monetary Policy Under Pressure: Strong US macro data-Q3 GDP growth of 3.4% and a jump in PCE inflation to 3.6%-have led markets to price in an 80% probability of a Federal Reserve rate hike in December.
➡️ Massive Hacking Incident: On top of this, a major shock-a $6.3 billion hack targeting Binance-triggered a local sell-off in $BTC , pushing the price down to $76,100.
➡️ Geopolitical risks: Concerning reports are emerging regarding a potential escalation in the Middle East and preparations for new military campaigns following the U.S. elections.
⚠️ One might expect that such a combination of negative factors would cause cryptocurrency to crash much more severely. Yet, after every sharp sell-off, Bitcoin demonstrates resilience, recovering $1,500-$2,000 from local lows and holding onto levels above $77,000-$78,000.
$BTC Holds Above $77K: Why Isn't It Dropping Harder Amid the General Storm? 📉⚡️
"Uptober" has officially failed - Bitcoin closed the month down by approximately 7%. Yet, looking at the surrounding macro factors, a question arises: why is BTC still trading in the upper $70,000 range instead of plummeting to the bottom?
📊 Meanwhile, the market environment appears extremely tense:
➡️ Global Market Turmoil: Volatility on Wall Street is hitting record highs. The Nasdaq closed October nearly 8% below its peaks, driven by fears that massive AI spending might not yield the expected returns. China’s CSI 300 index experienced its worst month in over a decade, falling 15% over 12 consecutive weeks.
➡️ Monetary Policy Under Pressure: Strong US macro data-Q3 GDP growth of 3.4% and a jump in PCE inflation to 3.6%-have led markets to price in an 80% probability of a Federal Reserve rate hike in December.
➡️ Massive Hacking Incident: On top of this, a major shock-a $6.3 billion hack targeting Binance-triggered a local sell-off in $BTC , pushing the price down to $76,100.
➡️ Geopolitical risks: Concerning reports are emerging regarding a potential escalation in the Middle East and preparations for new military campaigns following the U.S. elections.
⚠️ One might expect that such a combination of negative factors would cause cryptocurrency to crash much more severely. Yet, after every sharp sell-off, Bitcoin demonstrates resilience, recovering $1,500-$2,000 from local lows and holding onto levels above $77,000-$78,000.
