From Uptober to Spooky Szn? Bitcoin Cuts September Gains in Half

In brief

• Bitcoin fell as low as $81,749.83 today, undercutting the $82,776.30 floor flagged yesterday, and trades near $82,486.
• Bitcoin ETFs lost $484.9 million on Oct. 7, their worst day since June, while 87.5% of the $429 million liquidated over 24 hours were long positions.
• Uptober is turning out red so far, but the charts suggest Bitcoin has a ways to go before things get scary.

October, known as Uptober in crypto circles, is supposed to be the month Bitcoin gives investors their biggest gains—but the crypto market looks poised to flip the script once again.

Bitcoin today is sliding again, with a 2.67% drop in the last 24 hours to $81,125, nearly erasing half of the crypto asset’s gains in September. The movements are essentially the inverse of typically reliable historical patterns: a “Red September” followed by Uptober—yet, ironically, the same trend-breaking pattern occurred last year.

As far as potential reasons for Bitcoin’s sagging price of late, BTC currently has a macro backdrop working against it.

Wall Street retreated from record highs on Wednesday as Brent crude hovered near $100 a barrel and Treasury yields stayed near their highest since 2002, while the minutes from the most recent Federal Reserve meeting showed most officials expect another rate hike before year end.