Bitcoin set for record monthly close with BTC price still below ‘worst case scenario’

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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