3 reasons why Bitcoin (BTC) could rebound this month: Details

TL;DR

• Despite the recent volatility, several indicators suggest that BTC may be entering a bullish phase.
• However, one key factor suggests an intensification of the short-term rebound.

Is “Uptober” still on the cards?

Bitcoin (BTC) has passed by Volatility has been intense since early October, resulting in worse performance than some had expected. After all, Ongoing This month is known throughout the community as “Uptober” as it was a historically strong period for the crypto industry as a whole.

BTC is currently trading just south of $61,000, down 5% in 10 days. However, some key indicators point to a possible economic recovery. on the horizon.

According to CryptoQuant, BTC exchange outflows are mainly due to exceeded Last week's influx. Over the past few days, as seen in the graph below, huge The red candle indicates a possible transition from a centralized platform to a self-managed method. this You can see it like this This is a bullish sign as the immediate selling pressure is waning.

Next on the list is BTC MVRV (Market Value vs. Realized Value). dropped Readings below that mark typically indicate the market is in an accumulation phase, indicating a potential buying opportunity.

last But the important thing isNow let's talk about Bitcoin's Relative Strength Index (RSI). The Momentum Oscillator, which measures the speed and change in price movements, approached the bullish zone of 30 on October 9th and currently sits around 38. blink “I'm about to buy” signal.

Something for the Bears too

On the contrary, The aforementioned factors While some suggest a possible price recovery, others suggest the opposite scenario. According to X user Ali Martinez, this is an increase in whale activity. sold or redistributed 30,000 BTC (worth approximately $1.9 billion) within the past 72 hours.

This development could increase the circulating supply of major cryptocurrencies, leading to a sharp fall in valuations (assuming demand cannot keep up with the pace).

Furthermore, the actions of such large investors can cause panic among small investors, causing them to dump their holdings and accelerate their withdrawal.