{"id":497676,"date":"2022-10-02T12:20:17","date_gmt":"2022-10-02T09:20:17","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-starts-uptober-down-0-7-amid-hope-for-final-20k-push\/"},"modified":"2022-10-02T12:20:17","modified_gmt":"2022-10-02T09:20:17","slug":"bitcoin-price-starts-uptober-down-0-7-amid-hope-for-final-20k-push","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-starts-uptober-down-0-7-amid-hope-for-final-20k-push\/","title":{"rendered":"# Bitcoin price starts &#8216;Uptober&#8217; down 0.7% amid hope for final $20K push"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a39b7f18f298\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a39b7f18f298\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-starts-uptober-down-0-7-amid-hope-for-final-20k-push\/#%E2%80%9D_Bitcoin_price_starts_%E2%80%98Uptober_down_07_amid_hope_for_final_20K_push_%E2%80%9C\" >&#8221; Bitcoin price starts &#8216;Uptober&#8217; down 0.7% amid hope for final $20K push &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-starts-uptober-down-0-7-amid-hope-for-final-20k-push\/#Traders_20500_upside_target_remains\" >Trader&#8217;s $20,500 upside target remains<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-starts-uptober-down-0-7-amid-hope-for-final-20k-push\/#Major_banks_sound_alarm_bells_among_analysts\" >Major banks sound alarm bells among analysts<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_price_starts_%E2%80%98Uptober_down_07_amid_hope_for_final_20K_push_%E2%80%9C\"><\/span>&#8221; Bitcoin price starts &#8216;Uptober&#8217; down 0.7% amid hope for final $20K push &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-6ebd806f>Bitcoin (BTC) failed to hold $20,000 into the September monthly close as one trader eyed a final comeback before fresh downside.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-10\/ecf8f9e5-2892-4b01-95be-583c7e4c9f0c.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Traders_20500_upside_target_remains\"><\/span>Trader&#8217;s $20,500 upside target remains<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a> showed BTC\/USD staying lower after finishing the month at around $19,400.<\/p>\n<p>C<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ing 3% losses, the monthly chart failed to rally on Oct. 1, with BTC\/USD down another 0.7% in \u201cUptober\u201d so far, according to data from on-chain data resource <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/today\">Coinglass<\/a>.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-10\/6f7b77a6-8a24-47f0-bf99-bd525d904d67.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD monthly returns chart (screenshot). Source: Coinglass<\/em><\/figcaption><\/figure>\n<p>Dismal financial data from macro markets contributed to the lack of appetite for risk assets, and among crypto traders, the outlook remained gloomy.<\/p>\n<p>For popular <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> 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 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoCapo_\/status\/1576113225887727616\">much lower<\/a>.<\/p>\n<p>An <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoCapo_\/status\/1576473315082108930\/photo\/1\">additional post<\/a> noted steady buy-ins worth $192,000 on exchange FTX, something which he argued could contribute to the short-term upside.<\/p>\n<p>While still at the time of writing, BTC\/USD looked apt for volatility into the weekly close, as suggested by the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BigCheds\/status\/1576215155251507200\">tightening<\/a> Bollinger Bands on lower timeframes.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-10\/4a9991c6-aef4-4514-b9f3-c3d488b4b57f.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp) with Bollinger Bands. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>The September close nonetheless continued a losing streak for Bitcoin which now rivaled the 2018 bear market, as highlighted by Caleb Franzen, senior market analyst at Cubic Analytics.<\/p>\n<p>\u201cBitcoin has officially produced 10 consecutive red monthly Heikin Ashi candles, with the September close,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CalebFranzen\/status\/1576246251133149186\">revealed<\/a>. <\/p>\n<blockquote><p>\u201cThis is the longest such streak since the 2018 bear market, which produced 14 red candles from Feb.&#8217;18 to Mar.&#8217;19. Each bear market streak has been longer than the last\u2026\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-10\/e1286aa0-6476-437f-bab6-b2ba3f51a6ca.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-month Heikin Ashi candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Major_banks_sound_alarm_bells_among_analysts\"><\/span>Major banks sound alarm bells among analysts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The macro story of the moment revolved around major global banks, headlined by worrying signs coming out of Credit Suisse.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin 2021 bull market buyers \u2018capitulate\u2019 as data shows 50% losses<\/em><\/strong><\/p>\n<p>The Swiss lender\u2019s share price, having all but collapsed since 2021, now had concern spreading to institutions such as Deutsche Bank, UniCredit and even Bank of China.<\/p>\n<p>\u201cCredit Suisse is not the only major bank whose price-to-book is flashing warning signals.The list below is of all G-SIBs with PtBs of under 40%,\u201d Alistair Macleod, head of research at Goldmoney, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MacleodFinance\/status\/1576491265218134016\">responded<\/a>, uploading a comparative chart of various banks\u2019 price to book ratios. <\/p>\n<blockquote><p>\u201cA failure of one of them is likely to call the survival of the others into question.\u201d<\/p><\/blockquote>\n<p>In a memo <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/finance\/credit-suisse-has-strong-capital-base-liquidity-ceo-memo-2022-09-30\/\">quoted<\/a> by Reuters on Oct. 2, Credit Suisse CEO, Ulrich Koerner, cautioned investors against \u201cconfusing our day-to-day stock price performance with the strong capital base and liquidity position of the bank.\u201d<\/p>\n<p>The events follow the Bank of England returning to quantitative easing (QE) last week in an unprecedented U-turn with inflation at forty-year highs.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-starts-uptober-down-0-7-amid-hope-for-final-20k-push\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin price starts &#8216;Uptober&#8217; down 0.7% amid hope for final $20K push &#8220; Bitcoin (BTC) failed to hold $20,000 into the September monthly close as one trader eyed a final comeback before fresh downside. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Trader&#8217;s $20,500 upside target remains Data from Cointelegraph Markets Pro and TradingView showed&#8230;<\/p>\n","protected":false},"author":1,"featured_media":497677,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvNTg4OWI0NDMtODVjMS00OWFhLWJkNWYtODAyMWEyNzM3OTUxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,71939,72357,73785],"class_list":["post-497676","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-banks","tag-credit-suisse","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/497676","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=497676"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/497676\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/497677"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=497676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=497676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=497676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}