Bitcoin is fighting to close October in positive territory, a key historical signal.
\nThe month has been highly volatile, with a 13% correction at one point.
\nA series of technical indicators are now pointing to a bullish short-term structure.<\/p>\n
It has been an up-and-down and often frustrating month for Bitcoin traders, a period of wild price swings that has put the seasonal promise of an \u201cUptober\u201d rally to a severe test. <\/span><\/p>\n Now, with just a few days left in the month, a tense battle is underway as the bulls fight to keep the world\u2019s leading cryptocurrency in positive territory, a goal that could have significant implications for the rest of the year.<\/span><\/p>\n Historically, October has been a powerful launchpad for Bitcoin, delivering average gains of more than 20%. But this year has been a different story. <\/span><\/p>\n After spiking above $<\/span>123,000<\/span>\u00a0early in the month, the market was hit by a brutal\u00a0<\/span>13% correction<\/span> that saw prices plummet to $107,000. <\/span><\/p>\n Since then, the bulls have been in a grinding, hard-fought recovery, with the price currently hovering around $<\/span>115,000<\/span>, a meager 1.14% gain for the month.<\/span><\/p>\n This fragile recovery is being supported by a powerful macroeconomic tailwind. <\/span><\/p>\n Traditional markets are firing on all cylinders, with the S&P 500 hitting fresh record highs as investors confidently price in a quarter-point interest rate cut from the Federal Reserve this week. <\/span><\/p>\n This dovish monetary policy, combined with an easing of US-China trade tensions, has propelled a \u201crisk-on\u201d sentiment that typically benefits assets like crypto.<\/span><\/p>\n Adding another layer of support is a renewed wave of institutional interest. <\/span><\/p>\n Spot Bitcoin ETFs have now recorded their third consecutive day of inflows, a clear signal of conviction from the market\u2019s larger and more influential players.<\/span><\/p>\n A deep dive into the technical charts reveals a bullish short-term structure that suggests the path of least resistance is now to the upside. <\/span><\/p>\n The Average Directional Index (ADX), a key measure of trend strength, is sitting at a strong 32.14, a reading that suggests the current upward momentum is likely to persist.<\/span><\/p>\n At the same time, the Squeeze Momentum Indicator is flashing a \u201cbullish Impulse,\u201d a high-probability signal that directional movement to the upside is just beginning. <\/span><\/p>\n The Ichimoku Cloud analysis also shows Bitcoin trading above the clouds, another classic indicator of trend continuation.<\/span><\/p>\n While the technical and macro pictures are aligning in favour of the bulls, a major and binary risk event looms on the horizon: the Federal Reserve\u2019s policy announcement on Wednesday. <\/span><\/p>\n While the market is pricing in a 25-basis-point cut, any hawkish language about the future path of interest rates could easily trigger a wave of short-term volatility.<\/span><\/p>\n The key for the bulls will be whether Bitcoin can maintain its critical support above the $<\/span>114,000<\/span><\/strong>\u00a0level through any Fed-related turbulence. <\/span><\/p>\n If it can, then this \u201cUptober,\u201d while not as explosive as many had hoped, may still end in the green, setting the stage for a potentially powerful final two months of the year.<\/span><\/p>\n The post Battle for a green month: Can Bitcoin hold its gains as \u2018Uptober\u2019 comes to a close?<\/a> appeared first on CoinJournal<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin is fighting to close October in positive territory, a key historical signal. The month has been highly volatile, with a 13% correction at one point. A series of technical indicators are now pointing to a bullish short-term structure. It has been an up-and-down and often frustrating month for Bitcoin traders, a period of wild […]<\/p>\n","protected":false},"author":0,"featured_media":5252,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-5251","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin"},"acf":[],"_links":{"self":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/5251","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/comments?post=5251"}],"version-history":[{"count":0,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/5251\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media\/5252"}],"wp:attachment":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media?parent=5251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/categories?post=5251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/tags?post=5251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}A powerful macro tailwind provides support<\/span><\/h2>\n
The view from the charts: a bullish structure takes shape<\/span><\/h2>\n
The final hurdle: a pivotal Fed decision<\/span><\/h2>\n