bullish

Donald Trump

Peter Todd

<p>The famed “Uptober” for the crypto markets and Bitcoin (BTC) in particular hasn’t materialized yet. Historically, October popularly renamed Uptober by crypto enthusiasts has always been a bullish month for cryptocurrencies.</p> 
<p>Add in the upcoming US elections with both Donald Trump and Kamala Harris leaning pro-crypto, October was poised to deliver fireworks in the crypto markets. However, Bitcoin and other leading <a href="https://pexx.com/chaindebrief/cryptocurrencies/">cryptocurrencies</a> have produced underwhelming price actions so far.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="583" src="https://pexx.com/chaindebrief/wp-content/uploads/2024/10/BTC-Monthly-returns-1024x583.jpeg" alt="" class="wp-image-38838" srcset="https://pexx.com/chaindebrief/wp-content/uploads/2024/10/BTC-Monthly-returns-1024x583.jpeg 1024w, https://pexx.com/chaindebrief/wp-content/uploads/2024/10/BTC-Monthly-returns-300x171.jpeg 300w, https://pexx.com/chaindebrief/wp-content/uploads/2024/10/BTC-Monthly-returns-768x437.jpeg 768w, https://pexx.com/chaindebrief/wp-content/uploads/2024/10/BTC-Monthly-returns-1536x875.jpeg 1536w, https://pexx.com/chaindebrief/wp-content/uploads/2024/10/BTC-Monthly-returns.jpeg 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Bitcoin (BTC) Monthly Returns % | Source: <a href="https://coinglass.com/">Coinglass</a>
 </figcaption>
</figure> 
<p>For the week starting October 6th, Bitcoin began on a bullish note, rising quickly to $64,500 by Monday, 7th October. However, the bearish pressure at the $64,700 zone saw a sharp pull back for BTC to the closest support level at $61,780.</p> 
<p>Further selling pressure at the support level saw another dip to $60,000 with a strong 4-hour candle on Wednesday, 9th October. This dip to the $60,000 level signalled a growing bearish sentiment on the lower timeframes, although BTC’s daily and weekly timeframe remained bullish.</p> 
<h2 class="wp-block-heading" id="h-sellers-can-extend-short-term-price-correction">Sellers Can Extend Short-Term Price Correction</h2> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="538" src="https://pexx.com/chaindebrief/wp-content/uploads/2024/10/BTCUSD_2024-10-10_11-03-48-1024x538.png" alt="" class="wp-image-38839" srcset="https://pexx.com/chaindebrief/wp-content/uploads/2024/10/BTCUSD_2024-10-10_11-03-48-1024x538.png 1024w, https://pexx.com/chaindebrief/wp-content/uploads/2024/10/BTCUSD_2024-10-10_11-03-48-300x157.png 300w, https://pexx.com/chaindebrief/wp-content/uploads/2024/10/BTCUSD_2024-10-10_11-03-48-768x403.png 768w, https://pexx.com/chaindebrief/wp-content/uploads/2024/10/BTCUSD_2024-10-10_11-03-48.png 1322w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  BTC 4-Hour Chart | Source: <a href="https://www.tradingview.com/chart/NX2LD0WF/">TradingView</a>
 </figcaption>
</figure> 
<p>On the four-hour timeframe, the outflow of capital from BTC was marked by the Chaikin Money Flow (CMF) hitting a negative value of -0.06. Accompanying this capital outflow was the Relative Strength Index (RSI) continuing to stay under the neutral 50 mark.</p> 
<p>With a lack of buying pressure along with capital outflows, sellers look favourites to extend the short term dip till the $58,000 support level. Shorts will need to book profits at this level, as the $58,000 has displayed solid bullish strength in times past.</p> 
<h2 class="wp-block-heading" id="h-mixed-signals-on-bitcoin-etf">Mixed Signals on Bitcoin ETF</h2> 
<p>On October 7, the total net inflow of Bitcoin spot ETFs was $235 million with Fidelity ETF FBTC having an inflow of $104 million, and BlackRock ETF IBIT with an inflow of $97.883 million. However, on October 8, the total net outflow of Bitcoin spot ETF was $18.663 million.</p> 
<p>This was according to data by <a href="https://sosovalue.com/assets/etf">Sosovalue</a> with the mixed signals in the spot ETF market signaling a cautious approach by investors in the short term.</p> 
<h2 class="wp-block-heading" id="h-satoshi-s-identity-remains-a-mystery">Satoshi’s Identity Remains a Mystery</h2> 
<p>The hyped HBO documentary which was supposed to reveal the true identity of Satoshi Nakamoto fell flat. The documentary by investigative filmmaker Cullen Hoback alleged Bitcoin developer Peter Todd to be the man behind the Satoshi Nakamoto moniker. However, the evidence put forth in the documentary did little to convince the crypto community. In addition, Peter Todd denied the claim via his X handle.</p> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="738" height="494" src="https://pexx.com/chaindebrief/wp-content/uploads/2024/10/Satoshi.jpeg" alt="" class="wp-image-38840" srcset="https://pexx.com/chaindebrief/wp-content/uploads/2024/10/Satoshi.jpeg 738w, https://pexx.com/chaindebrief/wp-content/uploads/2024/10/Satoshi-300x201.jpeg 300w" sizes="(max-width: 738px) 100vw, 738px">
</figure> 
<p>Many Bitcoin enthusiasts have always leaned strongly toward having the identity of Satoshi remaining anonymous forever. Time will tell, if that will be the case or if we will see another attempt to uncover the true identity of Satoshi.</p>

Bitcoin’s Price Swings: A Week of Market Uncertainty

Table of Contents

Chain Debrief

Other articles published on Oct 14, 2024

Top Market Experts Pick New AI Coin To Outshine Solana and Binance Coin in Q4 2024 With 5x Rally

New altcoin tipped for 15,000% gains set to topple Solana, Toncoin

RBI governor touts CBDC to enhance cross-border payments and safeguard against crypto risks

Bitcoin to 'break loose' at $70K as 'Uptober' flips green

How Onchain Consumer Apps are Disrupting Web2: A Deep Dive into Meme Culture and the Future of Us...

This New $0.035 Token Could Surge 8000% by 2025, According to an Early Uniswap Investor With $60 ...

Join our free newsletter for daily crypto updates!