Bitcoin risks ending October with a loss for the first time in seven years.
Bitcoin's price is hovering around $110,000, and analysts predict the month could end in a negative territory of approximately half a percent. For a market accustomed to seeing October in the green, this signals a possible shift in sentiment. The last time the world's largest cryptocurrency posted negative dynamics in October was in 2018.
Experts attribute the current weakening to global macroeconomic factors. A stronger dollar, high yields on US Treasury bonds, and geopolitical uncertainty are reducing investor appetite for risky assets. Despite the growing institutional presence, the crypto market remains sensitive to stock index volatility and liquidity movements.
Meanwhile, the Bitcoin network's fundamentals remain stable. The hash rate continues to reach new all-time highs, indicating miners' confidence in the asset's long-term prospects. However, short-term traders and funds are reducing their positions, locking in profits after strong growth in August and September.
If Bitcoin does end the month in the red, it could become a psychological turning point for investors. However, historically, such periods often precede accumulation phases and subsequent upward surges, when the market clears out excessive optimism.
Source: cryptonews.net
