BITCOIN MAY BE FORMING AN OCTOBER BOTTOM
October hasn’t been a straight ride up for Bitcoin. High bond yields, expensive oil, slowing ETF inflows and leveraged liquidations have all weighed on market sentiment.
But some on chain signals are starting to look more constructive.
Exchange BTC reserves remain low, Bitcoin’s Apparent Demand has recovered sharply from deeply negative levels, and whale holdings have climbed to around 3 million BTC, remaining elevated through the recent correction.
The macro picture is also worth watching. Brent crude has eased from nearly $110 to around $103, while markets are pricing in an 18% chance of an October Fed rate hike. With the U.S. midterms approaching on November 3, political uncertainty could also influence how investors position themselves.
Still, a potential bottom isn’t a confirmed reversal. Sustained ETF inflows, stronger U.S. spot buying and continued demand recovery are needed to strengthen the bullish case.
Uptober doesn’t have to mean nonstop green candles. Sometimes, the correction comes before the recovery. $GRAM
$NEAR
October hasn’t been a straight ride up for Bitcoin. High bond yields, expensive oil, slowing ETF inflows and leveraged liquidations have all weighed on market sentiment.
But some on chain signals are starting to look more constructive.
Exchange BTC reserves remain low, Bitcoin’s Apparent Demand has recovered sharply from deeply negative levels, and whale holdings have climbed to around 3 million BTC, remaining elevated through the recent correction.
The macro picture is also worth watching. Brent crude has eased from nearly $110 to around $103, while markets are pricing in an 18% chance of an October Fed rate hike. With the U.S. midterms approaching on November 3, political uncertainty could also influence how investors position themselves.
Still, a potential bottom isn’t a confirmed reversal. Sustained ETF inflows, stronger U.S. spot buying and continued demand recovery are needed to strengthen the bullish case.
Uptober doesn’t have to mean nonstop green candles. Sometimes, the correction comes before the recovery. $GRAM
$NEAR