Bitcoin Is Having a Red October Again and Everyone Is Quiet

I checked the chart today and I was surprised.

Bitcoin is at 81k. It was 83k few days ago. It is going down slowly.

October is meant to be green. In crypto we even call it Uptober because Bitcoin always pumps in October. Average is 18 percent up.

But last year October was red. This year again October is red. Two red Octobers back to back. This has not happened since 2014.

So what is happening.

First, ETFs are selling. This week alone 228 million dollars left Bitcoin ETFs. Last week it was 678 million. Big money is taking profit.

Second, people are scared. Fear and Greed index is at 27. That is fear zone. When we are in fear, price usually falls more.

Third, US market is weak. Nasdaq had a bad week. Inflation is still high. Fed may keep rates at 3.7 percent. So risk assets like Bitcoin suffer.

I saw some traders saying Bitcoin might still go to 95k after US election on Nov 3. Maybe that will bring new money.

But for now sentiment is low. Google search for Bitcoin is at low. Even Bitcoin Dominance is 57 percent so altcoins are suffering too.

I personally think this is a good time to watch, not to panic. We have seen this before. Bitcoin fell below 82k, touched its 50 day moving average and is trying to hold.

What about you. Are you buying this dip or are you waiting for lower.

Let me know in comments.

 Assisted by AI, edited by me.