Worst Uptober ever? Bitcoin price risks first ‘red’ October in years

💡 DMK Insight

Bitcoin’s struggle to maintain momentum at the top of its local trading range is raising red flags for bulls. The term ‘worst Uptober ever’ reflects a broader sentiment that could lead to increased volatility. Traders should be cautious, as this could signal a potential reversal or further consolidation. If Bitcoin fails to break above its recent resistance levels, we might see a wave of selling pressure, especially from short-term traders looking to capitalize on any weakness. Keep an eye on key support levels; a drop below them could trigger stop-loss orders and exacerbate the downturn. On the flip side, if Bitcoin manages to reclaim its footing and push through resistance, it could reignite bullish sentiment. But for now, the bearish warnings are hard to ignore, and traders should prepare for potential downside risks in the coming days.