Crypto Markets Today: Bitcoin Price Wilts After First Red October Since 2018
Bitcoin is under pressure after its first October loss since 2018, with charts suggesting a risk of decline below $100,000.Summary
Bitcoin (BTC) is trading under pressure, registering its first monthly loss in October since 2018, leading to concerns about a deeper decline toward $100,000 or lower, as indicated by technical charts and a consistent bias for put options in the derivatives market. Capital outflows are evident across the broader market, shown by declining futures open interest (OI) in many altcoins, although BTC and ETH OI remained relatively stable. Analyst Alex Kuptsikevich noted that BTC testing support around its 200-day simple moving average ($107,000) warrants near-term caution, especially if stock markets weaken or the dollar strengthens. Altcoins like ENA, 2Z, and XPL faced heavy selling pressure, with some experiencing significant weekly drops. While the overall crypto market cap has shed $600 billion since October 6th, the average Relative Strength Index suggests oversold conditions, potentially setting up a relief rally if Bitcoin can reclaim the $112,000 resistance level.
(Source：CoinDesk)