As October comes to a close, Bitcoin (BTC) has disappointed many who had anticipated the month to be a strong one for the cryptocurrency, often referred to as “Uptober” due to its historically positive performance. Instead, Bitcoin finished the month down, creating a gap of approximately 13% from its all-time high.
Notably, on the 6th of this month, the market’s leading cryptocurrency reached an all-time high just beyond $126,000. Additionally, the current downturn has failed to erase the year-to-date gains, with Bitcoin still recording a 55% uptrend during this period.
In addition, October witnessed the largest liquidation event in cryptocurrency history, triggered by President Donald Trump’s announcement of a 100% tariff on Chinese imports, alongside threats of export controls on crucial software.
Jake Ostrovskis, head of trading at Wintermute’s over-the-counter desk, noted that participants in the market remain hesitant as they grapple with the implications of the largest liquidation event on record. He added that this caution persists amid ongoing speculation about vulnerabilities that might still exist within the financial system.
When writing, BTC was trading at $109,688, losing its nearest support floor of $110,000.
Featured image from DALL-E, chart from TradingView.com
