Is October 2022 A Good Month For Cryptocurrency?

Towards the end of the week, the crypto market seems to be making investors' hearts a little gloomy. The movement of the crypto asset market, especially Bitcoin, fell again from its psychological level of US $ 20,000, after two consecutive days of being above it.

Overall, several crypto assets, especially those with large capitalization or big caps, went sluggishly into the red zone on Friday (7/10/2022) trading at 15.30 WIB. For example, from CoinMarketCap's observation, the value of Bitcoin is at US$ 19,968.47 or down 0.98% in the last 24 hours. Other altcoins are experiencing the same thing. The value of Ethereum (ETH) also fell 0.22% to the US $ 1,357.90 the previous day. Likewise with Binance Coin (BNB), Solana (SOL), Dogecoin (DOGE), and XRP.

The value of BTC is also observed to immediately sink after the registration of claims for unemployment assistance in the US increased by 29,000 filings last week. Data indicating this economic slowdown immediately discouraged crypto investors. At the same time, investors are also waiting for the release of US non-farm payrolls (NFP) data on Friday (7/10/2022) to collect signals from the Fed's monetary policy.

Many investors still hope the Uptober or Octobull phenomenon can happen again in October 2022. Usually, according to the cycle, October is a good month for the crypto market as a whole.

According to Bitcoin Monthly Returns, BTC's price has always increased in October for the last three years (2019-2021). The highest value of BTC jumped 39.93% last year and that pushed it to reach an all-time high (ATH) in November 2021.

Macroeconomic concerns around inflation, the geopolitical climate, and monetary policy have sent BTC prices down thereby affecting the broader market as well.

From short-term analysis, Bitcoin price movements could return to a downtrend. If the breakdown is valid, the possible downside target is at the level of US$ 18,920 which is the lowest price on the daily candle on October 2nd.

The resistance level at a level of US$ 20,576 is still the nearest upside target for Bitcoin. The highest price on September 12 at the level of US$ 22,488 became the next upside target if Bitcoin price movement managed to breakout its nearest resistance.

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