Bitcoin ( BTC ) failed to hold $20,000 at the September monthly close.
The bullish target of $20,500 remains
data of Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair remained lower after ending the month at around $19,400.
Capping 3% losses, the monthly chart failed to rebound on Oct 1, with the BTC/USD pair dropping another 0.7% on “Uptober” so far, according to data from the on-chain data resource. coinglass .
Gloomy financial data from macromarkets contributed to a lack of appetite for risky assets, and among crypto traders, the outlook remained bleak.
For popular Twitter account Il Capo of Crypto, a return above the $20,000 mark was still possible on the day, this would still be followed by a dip..
noted steady buy-ins worth $192,000 on the FTX exchange, something he argued could contribute to short-term upside.
FTX spot seems to be twaping again. Let's see if we get the last push to 20500 today. pic.twitter.com/7Bpijk7ItN— il Capo Of Crypto (@CryptoCapo_) October 2, 2022
Even at the time of writing this article, the BTC/USD pair looked apt for volatility at the weekly close, as suggested by theof Bollinger Bands on lower timeframes.
The September close, however, continued a losing streak for Bitcoin, which now rivaled the 2018 bear market, as highlighted by Caleb Franzen, Senior Market Analyst at Cubic Analytics.
“Bitcoin has officially produced 10 consecutive monthly red Heikin Ashi candles with the close of September,”
#Bitcoin has officially produced 10 consecutive red monthly Heikin Ashi candles, with the September close.— Caleb Franzen (@CalebFranzen) October 1, 2022
This is the longest such streak since the 2018 bear market, which produced 14 red candles from Feb.'18 to Mar.'19.
Each bear market streak has been longer than the last... pic.twitter.com/zYlUhnkIXd
“This is the longest streak since the 2018 bear market, which produced 14 red candles from Feb 18 to March 19. Each bear market trend was longer than the last…”
Big banks sound alarms among analysts
The macro story of the moment revolved around the big global banks, spearheaded by worrying signals coming from Credit Suisse.
Related: Bitcoin 2021 bull market buyers ‘capitulate’ as data shows 50% losses
The Swiss lender’s share price, having all but plummeted since 2021, was now worried about spreading to institutions like Deutsche Bank, UniCredit and even Bank of China.
“Credit Suisse is not the only major bank that is flashing red flags. The list below is of all G-SIBs with PtBs below 40%,” replied Alistair Macleod, head of research at Goldmoney.
sending a comparative chart of the price to book ratios of several banks.
Credit 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%. A failure of one of them is likely to call the survival of the others into question. pic.twitter.com/LJA0YVrqco— Alasdair Macleod (@MacleodFinance) October 2, 2022
“The failure of one of them will likely put the survival of the others in question.”
in a memo cited By Reuters on October 2, Credit Suisse CEO Ulrich Koerner warned investors against “confusing day-to-day share price performance with the bank’s strong capital base and liquidity position.”
The events follow the Bank of England’s return to quantitative easing (QE) last week in a unprecedented turnaround with inflation at forty-year highs.
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 carry out your own research when making a decision.