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Wednesday, December 7, 2022

Bitcoin Price Looking To Make An Increase In October

Recently, Bitcoin couldn’t hold on to its price of $20,000 into the monthly close of September, with a single trader looking at prospective opportunities to make a comeback before the fresh downside took place.

According to data that was received from TradingView and Cointelegraph Markets Pro, it has been understood that the exchange managed to stay low even after ending the month at a sum of around $19,400. This means that the cryptocurrency managed to cap at around 3% losses, with the monthly chart failing to rally on the 1st of October. The exchange also saw a fall of 0.7% in ‘Uptober’, which was received from on-chain data resource Coinglass. 

Bitcoin Could Fall Amidst Struggles Of Breaking Free From Resistance Zones

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One of the many reasons why Bitcoin has been looking so bleak over the last few months has been the absolutely dismal financial data that has been recovered from macro markets. All of this contributes to the intense lack of appetite for any assets that put some risk into the market.

For one of the most popular Twitter accounts out there- Il Capo of Crypto, a return of around $20,000 could still be considered to be possible on this day- with it to be followed by a dive much lower. An additional post also noted a steady stream of buy-ins which have been worth around $192,000 on the FTX exchange, something that could be an argument towards a contribution on the short-term upside. 

The September close for Bitcoin nevertheless does continue quite a losing streak for the crypto community, which has now rivaled the famed 2018 bear market- which has been closely monitored by Caleb Franzen, the senior market analyst at Cubic Analytics.

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