Bitcoin (BTC) failed to hold $20,000 at the end of the month in September as a trader saw an eventual bounce before falling again.
Hourly candlestick chart BTC/USD (Bitstamp). Source: Trading View
Traders target at $20,500 remains unchanged.
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD remained lower after the end of the month at around $19,400.
The monthly chart, which capped a 3% loss, failed to rally on October 1, with BTC/USD down another 0.7% in Uptober, according to online data resource Coinglass.
Bitcoin / USD monthly return chart (screenshot). Source: Coinglass
The bleak economic data from the macro markets contributed to the lack of appetite for risky assets, and the outlook remained bleak among cryptocurrency traders.
Il Capo’s crypto Twitter account could still have bounced back above the $20,000 mark that day, and a much smaller drop should still follow.
An additional message indicated that a steady purchase of $192,000 in FTX shares could help support gains in the near term.
However, at the time of writing, the BTC/USD pair appears poised for the weekend’s volatility, as evidenced by the tight Bollinger Bands time frame.
BTC/USD (Bitstamp) hourly chart with Bollinger Bands. Source: Trading View
However, the September close continued a losing streak for Bitcoin, which is now in competition with the 2018 bear market, confirmed Caleb Franzen, chief market analyst at Cubic Analytics.
He tweeted: “#Bitcoin has officially fired 10 consecutive red Heikin Ashi candles per month as September approaches,” and continued:
“This is the longest such range since the bear market of 2018, when 14 red candles appeared from February 18 to March 19. Each bear market range was longer than the previous one…”
Heikin Ashi candlestick chart for the month of BTC/USD (bit sign). Source: Trading View
Big banks are sounding the alarm among analysts
Macroeconomic history now revolves around the world’s major banks with warning signs from Credit Suisse.
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The Swiss lender’s share price, which has almost fallen since 2021, is now a concern that extends to institutions such as Deutsche Bank, UniCredit and even the Bank of China.
“Credit Suisse is not the only bank where the price-to-book ratio is showing warning signs. The list below lists all G-SIBs with PtB below 40%,” tweeted Alistair MacLeod, Head of Research at Goldmoney. Where he downloaded the book value comparison chart from various banks. He completed:
“The failure of one may call into question the survival of the others.”
In a note reported by Reuters on October 2, Credit Suisse CEO Ulrich Kerner warned investors “not to confuse our daily share price performance with the bank’s strong capital base and liquidity.”
These developments come on the heels of the BoE’s return to its quantitative easing program last week at an unprecedented turn as inflation reached its highest level in 40 years.
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