View More

Bitcoin price starts ‘Uptober’ down 0.7% amid hope for final $20K push


Trader's $20,500 upside target remains

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD staying lower after finishing the month at around $19,400.

Capping 3% losses, the monthly chart failed to rally on Oct. 1, with BTC/USD down another 0.7% in “Uptober” so far,

according to data from on-chain data resource Coinglass.

Dismal financial data from macro markets contributed to the lack of appetite for risk assets, and among crypto traders,

the outlook remained gloomy. For popular Twitter account Il Capo of Crypto, a return above the $20,000 mark was

still possible on the day, this still to be followed by a dive much lower. An additional post noted steady buy-ins

worth $192,000 on exchange FTX, something which he argued could contribute to the short-term upside.

Still, at the time of writing, BTC/USD looked apt for volatility into the weekly close, as suggested by the tightening Bollinger Bands on lower timeframes.