Ethereum

bullish

Bitcoin

rocky

<ul class="wp-block-list">
 <li><strong>Bitcoin dropped amid geopolitical tensions, impacting market confidence and performance.</strong></li>
 <li><strong>Increased selling pressure caused a surge in Bitcoin’s trading volume.</strong></li>
</ul>
<p>Bitcoin’s highly anticipated ‘Uptober’ began on a bearish note, as the cryptocurrency dropped to a two-week low of $60,164. The global crypto market cap also saw a significant dip, standing at $2.15 trillion—a 4.66% decrease in just 24 hours. This came alongside a surge in trading volume, up by 52.59% to $116.53 billion.</p>
<p>While Bitcoin’s <a href="https://thenewscrypto.com/bitcoin-price-declines-amid-weak-us-pmi-data-and-economic-struggle/" target="_blank" rel="noopener noreferrer nofollow">price</a> fell 4% to $61,344, its trading volume soared by 54%, reflecting increased selling pressure. Bitcoin’s dominance edged up by 0.48% to 56.33%, even as major altcoins like <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> plunged 7%. This downturn coincided with escalating geopolitical tensions between Israel and Iran, after Iran launched 200 missiles into Israeli territory.</p>
<p>Meanwhile, historically, October has been a strong month for Bitcoin, with an average of 20% gains. However, after a bullish September, which closed with a 7.35% gain, the war has rattled market confidence. Sean McNulty, director of trading at Arbelos Markets, called this downturn a “momentary setback,” adding that Bitcoin’s seasonal trend of strong October performance remains intact.</p>
<p>As the situation in the Middle East unfolds, the S&amp;P 500 saw a similar reaction, falling 1%, while oil prices surged 5%. Investors are flocking to traditional safe havens like bonds, gold, and the US dollar.</p>
<h3 class="wp-block-heading" id="h-can-bitcoin-investors-have-hope">Can Bitcoin Investors Have Hope?</h3>
<p>Amid these factors, Bitcoin’s technical <a href="https://www.tradingview.com/chart/EJXIwxE9/?symbol=BINANCE%3ABTCUSDT" target="_blank" rel="noopener noreferrer nofollow">indicators</a> point to key support levels around $63,225. Analysts suggest that, while geopolitical events may influence short-term sentiment, Bitcoin’s long-term fundamentals, including rising global liquidity, could offer a rebound later in the month. Notably, the daily RSI is at 47, indicating it is oversold situation.</p>
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<p>This rocky start to ‘<a href="https://thenewscrypto.com/is-1-million-in-bitcoin-the-key-to-the-uptober-bull-run/" rel="noopener noreferrer nofollow">Uptober</a>‘ highlights the cryptocurrency market’s vulnerability to macroeconomic and geopolitical events, even as optimism for a potential year-end rally persists.</p>
<p>Traders and investors are closely watching for any signs of strength or potential reversals as the cryptocurrency navigates these pivotal resistance levels in an increasingly volatile market.</p>

Will Bitcoin Bearish Start Derail Uptober Optimism?

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TheNewsCrypto

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