Bitcoin (BTC) Failed to Hold $20,000 at September Monthly Close while a trader waited for one last rally before another drop.
One trader’s upside target remains at $20,500
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair remained lower after ending the month around $19,400.
With a 3% loss, the monthly chart did not recover on October 1st, and BTC/USD so far is down another 0.7% on expected “Uptober”according to data from on-chain data resource Coinglass.
The dismal financial data from the macro markets contributed to the lack of appetite for risk assetsand among cryptocurrency traders, the picture remained bleak.
For the popular Il Capo of Crypto Twitter account, a return above the $20,000 mark was still possible on the day, followed by a drop still more low.
A additional input pointed out that $192,000 worth of ongoing purchases had been made on the FTX exchange, something he said could contribute to the near-term rally.
Although still at the time of writing this article, The BTC/USD pair looked ripe for volatility during the weekly close, as suggested by the Bollinger Bands below. narrow in lower time frames.
The September close, however, continued a losing streak for bitcoin, now rivaling the 2018 bear market.as highlighted by Caleb Franzen, Senior Market Analyst at Cubic Analytics.
“Bitcoin has officially produced 10 consecutive monthly red Heikin Ashi candles, with the close in September”, revealed.
“This is the longest such streak since the 2018 bear market, which produced 14 red candles from Feb 18 to Mar 19. Each bear market streak has been longer than the last…”
Major banks set off alarm bells among analysts
The macro story of the moment revolved around the world’s major banks, led by worrying signs coming out of Credit Suisse.
Swiss lender quotewhich has practically collapsed since 2021, has caused the concern extends to entities such as Deutsche Bank, UniCredit and even Bank of China.
“Credit Suisse isn’t the only big bank whose price/book value is giving red flags. The list that follows is that of all the G-SIBs (global systemically important bank) with PtB below 40%,” answered Alistair Macleod, head of research at Goldmoney, uploading a comparative chart of the price-to-book ratios of various banks.
“The failure of one of them is likely to call into question the survival of the others.”
In a note quoted by Reuters on October 2, Credit Suisse CEO Ulrich Koerner warned investors not to “confuse the daily evolution of our share price with the strong capital base and liquidity position of the bank”.
The developments come after the Bank of England reverted to quantitative easing (QE) last week.in an unprecedented 180-degree turn, with inflation at forty-year highs.
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