{"id":51754,"date":"2024-10-05T01:50:00","date_gmt":"2024-10-05T01:50:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-price-trading-volume-decline-explainable-price-72k"},"modified":"2024-10-05T05:54:12","modified_gmt":"2024-10-05T05:54:12","slug":"bitcoin-16-drop-in-trading-volume-explainable-as-price-may-fluctuate-to-72k","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51754","title":{"rendered":"Bitcoin 16% drop in trading volume 'explainable,\u2019 as price may fluctuate to $72K"},"content":{"rendered":"

Bitcoin (BTC) may not be performing as predicted for the start of October, but it may be premature for analysts to call where the remainder of the month is headed as investors are laser-focused on broader economy events, according to a crypto analyst.<\/p>\n

\u201cIt might be too early to judge the trend for the rest of the month as most investors are largely reactionary to macro events,\u201d Bitget chief crypto analyst Ryan Lee opined in an Oct. 2 report viewed by Cointelegraph.<\/p>\n

\"Markets\"
Bitcoin is down 5.76% since Sept. 27. Source: TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n

Traders echoed a similar sentiment, noting that this year\u2019s different start to October doesn\u2019t predict how the rest of the month will unfold.<\/p>\n

Bitcoin trading volume drop due to investors on sidelines<\/h2>\n

\u201cJust because Uptober started this way doesn\u2019t mean it will end the same,\u201d CryptoQuant contributor Axel Adler\u00a0claimed.<\/p>\n

Lee pointed out that the 16% drop in spot BTC trading volume since Oct. 1 shows dwindling sentiment but noted that it \u201cis explainable.\u201d<\/p>\n

He suggested that investors would prefer to wait on the sidelines with macroeconomic uncertainty and take more of a risk-off-asset approach.<\/p>\n

\"Markets\"
Bitcoin\u2019s Market capitalization has declined approximately 2.5% since Oct. 1. Source: CoinMarketCap<\/em><\/p>\n<\/figcaption><\/figure>\n

\u201cInvestors will prefer not to get caught up in a macroeconomic situation that will tie down their capital,\u201d Lee explained.<\/p>\n

What\u2019s delaying \u201cUptober\u201d?<\/h3>\n

Several macroeconomic events may be keeping investors on the sidelines, including expectations of more Fed rate cuts after September\u2019s 50 basis point reduction, the US presidential election, and escalating tensions in the Middle East.<\/p>\n

Related:\u00a0<\/strong><\/em>Bitcoin is again forming a \u2018three blind mice\u2019 trading pattern: Peter Brandt<\/strong><\/em><\/p>\n

However, Lee suggested that clearer conditions could lead to a short-term 18% price surge for Bitcoin.<\/p>\n

\u201cBTC has sustained over the $60,000 support level and may fluctuate in the $72,000 range; the anticipation for fed interest rate cuts and market rebound may come from Bitcoin\u2019s historically optimistic Q4s.\u201d<\/p><\/blockquote>\n

Lee also highlighted that despite the decline in trading volume since the beginning of October, \u201cinstitutional investors continue to buy digital currency at a rate at par or higher than the quantity mined daily.\u201d<\/p>\n

For example, the latest Farside data shows that spot Bitcoin ETFs within the United States have attracted over 18,500 BTC (worth over $1.1 billion at today\u2019s prices) in 10 months.<\/p>\n

Magazine:\u00a0<\/strong><\/em>Anti-aging tycoon Bryan Johnson almost devoted his life to crypto<\/strong><\/em><\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) may not be performing as predicted for the start of October, but it may be premature for analysts to call where the remainder of the month is headed as investors are laser-focused on … Bitcoin 16% drop in trading volume 'explainable,\u2019 as price may fluctuate to $72K<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51756,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-51754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nBitcoin 16% drop in trading volume 'explainable,\u2019 as price may fluctuate to $72K - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51754\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin 16% drop in trading volume 'explainable,\u2019 as price may fluctuate to $72K - 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