60-day cycle low is in and the second will be due in early January; right in the timing of the 4-year cycle. No catalyst, no momentum as every trust is broken and so, many big players have left the scene. In a market where crypto HODLers are on the edge of their seats, you cannot tell where the market is heading…. but we are in the process of bottom forming.
Bitcoin was able to avoid further losses over the weekend, despite the sentiment across the cryptocurrency market remaining unpleasant.
It has mostly traded around that $17,000, with a few unsuccessful attempts to overcome it. The last such occasion came on Friday, but the bears stopped bitcoin in its tracks.
BTC has recorded a good performance in October, in eight out of the past 12 years, with an average return of around 30%. Nonetheless, the bears are still in control as the price has been trapped in a consolidation region between $18K and $25K for the past four months. However, BTC is closer to breaking down the lower boundary.