Bitcoin’s October Decline Challenges Historical Patterns
- Bitcoin fell to $81,749.83, breaking the $82,776.30 support level.
- Bitcoin ETFs experienced a $484.9 million outflow on October 7, marking their worst day since June.
- 87.5% of the $429 million liquidated in the past day were long positions.
- The daily ADX for Bitcoin is at a strong trend level of 40.7, down from yesterday’s reading of 42.8.
- Spot Bitcoin ETFs’ cumulative net inflows remain at $57.8 billion despite recent outflows.
October, often seen as a profitable month for Bitcoin, is defying expectations with significant declines in price and ETF flows so far this month.
Despite the downturns, key indicators like ADX suggest that while momentum is softening, a strong trend persists in market dynamics for Bitcoin (Source)
