Awaiting Final Push Towards $20,000, Bitcoin Price Begins To Fall From 0.7%


Bitcoin (BTC) could not maintain $20,000 at the September close and the trader was waiting for the last rally before the next drop.

1 hour candlestick chart for BTC/USD pair (Bitstamp). Source: TradingView

One trader’s target is $20,500

Data from Cointelegraph Markets Pro i.e TradingView. it showed The BTC/USD pair remained lower after the month ended around $19,400.

With a loss of 3%, the monthly chart did not recover on October 1, and BTC/USD down another 0.7% so far on expected Uptoberbased on data from the circuit data source Coinglass.

BTC/USD monthly return chart (screenshot). Source: Coinglass

Dismal financial data from macro markets contributed to the lack of appetite for risk assetswhile the picture remained bleak among cryptocurrency traders.

Popular Il Capo of Crypto Twitter Accounts a return above the $20,000 mark was still possible that day, followed by a drop lower.

A additional entry stated that FTX saw $192,000 worth of sustained longs, which he said could contribute to the near-term rally..

Although at the time of writing this article, The BTC/USD pair looked ripe for volatility at the close of the week, as suggested by the Bollinger Bands below. narrow at lower time intervals.

1 hour candlestick chart BTC/USD (Bitstamp) with Bollinger Bands. Source: TradingView

But at the end of September, the bitcoin market went on a losing streak that now rivals that of 2018. bear market.as highlighted by Caleb Franzen, Senior Market Analyst at Cubic Analytics.

“Bitcoin Officially Produces 10 Consecutive Monthly Red Heikin Ashi Candles Closing in September”, revealed.

“This is the longest such streak since 2018. bear market, where from February 18 until March 19 14 red candles were produced. Each bear market streak was longer than the previous one…”

BTC/USD (Bitstamp) 1 Month Heikin Ashi Candlestick Chart. Source: TradingView

Major banks have sounded alarm bells from analysts

The macro story of the moment revolves around the world’s major banks, driven by worrisome signs coming out of Credit Suisse.

READ
Bitcoin: How it moved in the market today

A quote from a Swiss lenderwhich has practically collapsed since 2021 caused the concern includes such entities as Deutsche Bank, UniCredit and even Bank of China.

Credit Suisse isn’t the only big bank with price/book value red flags. Below is a list of all G-SIBs (Global Systemically Important Bank) with PtB below 40%. answered Alistair Macleod, head of research at Goldmoney, uploads a comparative chart of the price-to-book ratio of various banks.

“The failure of one of them could call into question the survival of the others.”

in the note quoted Reuters Oct 2 Credit Suisse CEO Ulrich Koerner warned investors “not to confuse the day-to-day performance of our share price with the bank’s strong capital base and liquidity position.”.

The changes come after the Bank of England returned to quantitative easing (QE) last week.a an unprecedented 180-degree turnand inflation is at its highest level in forty years.

Explanation: The information and/or opinions contained in this article do not necessarily reflect the views or editorial line of Cointelegraph. The information provided here should not be considered financial advice or investment recommendation. Any investment and commercial move involves risk, and each person should do their due diligence before making an investment decision.

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Source: news.google.com

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