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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report
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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report

Bitcoin Leads The Hunt For A Green October In Crypto

Reynaldo Marquez
Reynaldo Marquez
Last Updated: June 11, 2024 8:30 am
2 mins read
Bitcoin Struggles To Retain The $20,000 Mark While ENS Protocol Gains

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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. 

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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 BTC BTCUSDT Chart 1
BTC’s price moving sideways on the daily chart. Source: BTCUSDT Tradingview

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.

Bitcoin BTC BTCUSDT Chart 2
Source: Arcane Research

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.

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Elrond (EGLD) Will Rally To $80, But this Must First Happen

1 year ago

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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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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