{"id":13009,"date":"2024-10-10T19:45:22","date_gmt":"2024-10-10T19:45:22","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=13009"},"modified":"2024-10-10T19:45:22","modified_gmt":"2024-10-10T19:45:22","slug":"3-reasons-why-bitcoin-btc-could-bounce-this-month-details","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=13009","title":{"rendered":"3 Reasons Why Bitcoin (BTC) Could Bounce This Month: Details"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Despite recent volatility, several indicators suggest that BTC might be entering a bullish phase.
\nOn the other hand, one essential element hints at an intensified pullback in the short term.<\/p>\n

<\/a><\/span><\/h2>\n

\u2018Uptober\u2019 Still in the Cards?<\/h2>\n

Bitcoin (BTC) has <\/span>passed through<\/span> severe volatility since the start of October, performing worse than some expected. After all, the <\/span>ongoing<\/span> month has been a historically positive period for the entire cryptocurrency industry, thus known across the community as \u201cUptober.\u201d<\/span><\/p>\n

Currently, BTC trades at just south of $61,000, a 5% decline on a 10-day scale. However, some essential metrics suggest that a resurgence could <\/span>be on the horizon<\/span>.<\/span><\/p>\n

<\/a>BTC Price, Source: CoinGecko<\/p>\n

According to CryptoQuant, BTC exchange outflows have predominantly <\/span>surpassed<\/span><\/a> inflows in the last week. As observed in the chart below, the past few days witnessed the emergence of <\/span>huge<\/span> red candles, which signal a potential shift from centralized platforms toward self-custody methods. <\/span>This<\/span> could be viewed as<\/span> a bullish sign since it reduces the immediate selling pressure.<\/span>\u00a0<\/span><\/p>\n

<\/a>BTC Exchange Netflow, Source: CryptoQuant<\/p>\n

Next on the list is the BTC MVRV (Market Value to Realized Value), which recently <\/span>dropped<\/span><\/a> under 2. Readings below that mark typically indicate that the market is in an accumulation phase, signaling potential buying opportunities.<\/span><\/p>\n

Last <\/span>but not least<\/span>, we will touch upon Bitcoin\u2019s Relative Strength Index (RSI). The momentum oscillator, which measures the speed and change of price movements, neared the bullish zone of 30 on October 9 and is currently positioned at around 38. As of the moment, it <\/span>flashes<\/span><\/a> the \u201cclose to buy\u201d signal.<\/span><\/p>\n

Something for the Bears, too<\/span><\/h2>\n

Contrary to the <\/span>aforementioned factors<\/span> suggesting a possible price revival, there is one hinting at the opposite scenario. According to X user Ali Martinez, this is the increased activity from whales who have <\/span>sold<\/span><\/a> or redistributed 30,000 BTC in the past 72 hours (equaling almost $1.9 billion).<\/span><\/p>\n

The development increases the circulating supply of the primary cryptocurrency, which could result in a plunging valuation (assuming demand doesn\u2019t catch up with the pace).<\/span><\/p>\n

Additionally, the actions of such large investors can trigger panic among smaller players, causing them to dump their holdings and accelerate the pullback.<\/span><\/p>\n

The post 3 Reasons Why Bitcoin (BTC) Could Bounce This Month: Details<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Despite recent volatility, several indicators suggest that BTC might be entering a bullish phase. On the other hand, one essential element hints at an intensified pullback in the short term. \u2018Uptober\u2019 Still in the Cards? Bitcoin (BTC) has passed through severe volatility since the start of October, performing worse than some expected. After all, […]<\/p>\n","protected":false},"author":0,"featured_media":13010,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13009","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13009"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13009"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13009\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/13010"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}