From 24/7 Wall St. · Sam Daodu · · 1m 30s
Is Uptober Over for BTC?
Bitcoin drops 4% in October as altcoins fall harder, sparking Uptober debate.
In brief
Bitcoin drops 4% in October as altcoins fall harder, sparking Uptober debate. Bitcoin has fallen 4% this October, with altcoins dropping over 10% each, threatening to end a seven-year streak of positive October months. Originally reported by 24/7 Wall St..
Uptober's Historical Pattern
Bitcoin has historically gained in October for seven of the last nine years.
October 17 Bitcoin Price
Bitcoin trades at $81,497, down from $84,856 on October 1.
October Price Fluctuations
Bitcoin reached $87,249 high and $79,676 low this month.
Altcoins Drop Sharply
Ethereum, XRP, and Solana all fell over 10% since October 1.
XRP's Biggest Fall
XRP dropped 12.3% to $1.31 from $1.49 on October 1.
Bitcoin's October Record
Since 2017, Bitcoin has had seven positive October months and two red ones.
Liquidations Drive Down
Exchanges liquidated $974 million in Bitcoin positions on October 8.
Inflation Fears Rise
The Consumer Price Index rose 0.6% in September with a 3.7% year-over-year increase.
ETF Outflows Accelerate
Spot Bitcoin ETFs saw $487 million outflow on October 7, $244 million on October 8, and $261 million on October 14.
Fed Rate Hike Probability
Futures traders price in a 47% chance of another Fed rate hike by October 28.
Uptober's Final Days
Bitcoin needs to rise 4.1% to close above $84,856 and end October positively.
Michael Saylor's Comment
Michael Saylor said Bitcoin hit the bottom slightly below $60,000.
In short
Bitcoin has fallen 4% this October, with altcoins dropping over 10% each, threatening to end a seven-year streak of positive October months.
