Bitcoin Leads The Hunt For A Green October In Crypto
October 18 2022 - 5:00PM
NEWSBTC
Bitcoin might be returning to the bottom of its current range;
trapped for months, BTC might be unable to push higher. Driven by
macroeconomic forces and uncertainty, the sideways price action has
decreased volatility across global financial assets. Related
Reading: What Is Aptos (APT) And Why Is Everyone Talking About It?
At the time of writing, Bitcoin (BTC) trades at $19,400 with
sideways movement across all timeframes. Earlier today, the
cryptocurrency hinted at more gains, but bulls have been unable to
sustain momentum, surrendering BTC’s profits from last week.
Bitcoin Goes Quiet, Macro Forces Take The Wheel According to Arcane
Research, Bitcoin has seen no clear direction in October. The
cryptocurrency has been the best-performing asset in terms of
assets moving sideways over this period. The chart below shows that
the benchmark cryptocurrency recorded a 0.6% profit over the past
30 days, while other crypto assets trended slightly to the
downside. Smaller tokens were the worst performers, with a 5% loss
in October. Smaller cryptocurrencies often suffer the most in a
choppy and uncertain market; investors usually take shelter in
Bitcoin and stablecoins, measured by the BTC Dominance and the USDT
Dominance. These metrics have been trending upward after seeing a
massive decline in mid-October. The spike in stablecoin and BTC
dominance hint at more sideways price action as the crypto market
enters another stage of uncertainty until the subsequent
macroeconomic event triggers an explosion in volatility. Arcane
Research noted the following on BTC’s current price action: Still
no clear trend in October, as the crypto market stays flat. Bitcoin
and ether are gaining market shares relative to the other large
caps this week, while small caps are struggling (…). The crypto
market is still highly aligned with the stock market this month.
Both Bitcoin and Nasdaq are up 1% in October, with the correlation
staying at record highs. What Happens When BTC Goes Quiet?
Additional data from research firm Santiment indicates that Bitcoin
whales might be accumulating BTC at its current levels. The
cryptocurrency is moving near its 2017 all-time high. Historically,
these levels have provided long-term investors the best opportunity
to increase their holdings. As BTC’s price trends sideways, Bitcoin
addresses holding between 10,000 to 100,000 BTC reached their
highest level since February 2021. At that time, the cryptocurrency
was preparing to re-enter price discovery mode following a major
bull run that took it from below $20,000 into the low $30,000. The
research firm noted: (…) addresses holding 10 to 100 $BTC have
reached their highest amount of respective addresses since Feb,
2021. As the number of addresses on a network rise, utility should
follow suit. Related Reading: Elrond (EGLD) Will Rally To $80, But
this Must First Happen Despite this data, the current macroeconomic
conditions might be unfavorable for a Bitcoin rally leading the
cryptocurrency into long periods of accumulation and consolidation
around the 2017 ATH and its yearly low of $17,600.
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