Bitcoin faced a challenging start to October, dipping below $60,000 briefly and causing $144 million in bullish position liquidations. This is despite historical data showing that October has been its strongest month, with gains averaging 22% since 2013. Social sentiment on platforms like X reflects bearish views on Bitcoin’s price recovery.
Rising oil prices due to tensions in the Middle East have shifted investor focus towards commodities like oil and gold, impacting risk asset sentiment, including Bitcoin. Polymarket bettors are showing mixed feelings on Bitcoin’s price direction but lean towards a range-bound movement for October.
Bitcoin traded just over $61,300 to remain flat over the past 24 hours despite a volatile U.S. trading session. Other cryptocurrencies like Ether (ETH), BNB Chain’s BNB, XRP (XRP), and meme coin dogecoin (DOGE) showed mixed performance as well. The CoinDesk 20 (CD20) index, which measures the largest tokens by market capitalization, was down 1%.
Data shows that Bitcoin is down over 6% since the start of October, a month that has historically been bullish for the cryptocurrency. This has led to a decrease in social sentiment on X, with some users expressing bearish views on price recovery.
Polymarket bettors have different opinions on where Bitcoin’s price will move in October. While an attempt at $70,000 has been ruled out, there is confidence that Bitcoin will remain range-bound between $57.5K and $65K. Most gains historically appear in the latter part of the month, with the first week generally being bearish.
Tensions in the Middle East have impacted investor sentiment, with a shift towards oil and gold. Global benchmark Brent oil has seen significant gains, leading to a focus on commodities. Geopolitical tensions in the Middle East have also affected the market, with bettors giving chances of potential strikes on Iranian oil facilities.
Looking at the macroeconomic factors, markets were affected by geopolitical tensions earlier this month. The U.S. presidential election is also a point of interest, with bettors closely monitoring the race. The performance of various tokens related to the candidates reflects the uncertainty surrounding the election.
Overall, Bitcoin’s October rally faces challenges, but there is hope for bulls ahead as historical data and market trends suggest potential for positive movements in the latter part of the month. The impact of geopolitical tensions and macroeconomic factors will continue to influence investor sentiment and market dynamics in the coming days.
