
Bitcoin (BTC) delivered fresh retests of $60,000 support on Oct. 31 with a matter of hours left until the crucial monthly close.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Record monthly close hangs by a thread
Data from Cointelegraph Markets Pro and TradingView showed lackluster price action on Sunday, with BTC/USD below the “worst case scenario” for its October close.
Analysts were eagerly awaiting to see if the end of the month could provide a turnaround and prove the worst case theory correct for a third month running.
Its creator, PlanB, father of the stock-to-flow model, correctly guessed the $47,000 and $43,000 finales for August and September respectively.
Even without succeeding, however, finishing October above $60,000 would mark several achievements in itself.
If #Bitcoin closes the week tomorrow above $60k, it would be the 3rd week in a row…
It would also be the first *MONTHLY* close above $60k ever.
— Benjamin Cowen (@intocryptoverse) October 30, 2021
As Cointelegraph previously noted, Sundays have tended to see weaker performance from Bitcoin ( $30,124.00 ) this month, with Monday contrasting the mood with a show of strength — particularly into the U.S. open.
“BTC daily says get ready for November,” popular trader and analyst TechDev summarized on the day, putting the focus on the coming month.
BTC/USD 1-month candle chart (Bitstamp). Source: TradingView
Shiba Inu ends its run in altcoin slowdown
Altcoins staged copycat moves as Bitcoin ( $30,124.00 ) waned, with the top ten cryptocurrencies by market cap seeing modest losses over the past 24 hours.
Related: Bitcoin eyes third weekly close above $60K as Ethereum ( $0.00 ) (
$0.00 ) (
$0.00 ) fuels new altcoin market cap record
Shiba Inu (SHIB), the star of the past week, lost more heavily, down 13% at the time of writing but still with weekly gains of 45%.
Sentiment mimicked the lack of upside, with the Crypto Fear & Greed Index showing declining “greed” in recent days.
Crypto Fear & Greed Index as of Oct. 31. Source: Alternative.me
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