Bitcoin (BTC) price retested the $ 60,000 support on October 31, in the absence of a few hours for the crucial monthly closing.
The record monthly close is hanging by a thread
Data from Cointelegraph Markets Pro and TradingView showed lackluster price action on Sunday, with BTC / USD below “worst case scenario” for October close.
Analysts were eagerly waiting to see if the end of the month could provide a turnaround and prove the worst-case theory correct for the third month in a row.
Your Creator, PlanB, father of the stock-to-flow model, hit the end of August and September at $ 47,000 and $ 43,000 respectively.
However, even without getting it right, ending October above $ 60,000 would mark several accomplishments in and of itself.
If #Bitcoin closes the week tomorrow above $ 60k, it would be the 3rd week in a row …
It would also be the first * MONTHLY * close above $ 60k ever.
– Benjamin Cowen (@intocryptoverse) October 30, 2021
If Bitcoin closes the week above $ 60,000 tomorrow, it would be the 3rd week in a row ….
It would also be the first * MONTHLY * close above $ 60,000 in history.
As Cointelegraph previously noted, Sundays have seen weaker Bitcoin performance this month, in contrast to the mood on Monday, which has shown strength, particularly towards the opening up of the United States.
“BTC daily chart says get ready for November“, said popular trader and analyst TechDev on the day, putting the spotlight on the next month.
Shiba Inu ends its rally with the altcoin slowdown
Altcoins staged copycat moves as the price of Bitcoin declined, and top ten cryptocurrencies by market capitalization experienced modest losses in the past 24 hours.
Shiba Inu (SHIB), the star of last week, lost more, down 13% at the time of writing, but still with weekly gains of 45%.
Sentiment mimicked the lack of ups, with the Crypto Fear & Greed Index showing declining “greed” in recent days.
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