‘Uptober’ Flopped as BTC Tanked 7%: Will November Be Any Different?

The ETF outflows and the Binance hack were among the reasons behind BTC's price decline. October, often called ‘Uptober’ in crypto markets because of past performance, is one of the year’s most anticipated months, and this edition followed that trend, as BTC had seen three consecutive months in the green leading up to it. Reality, though, was different as usual, and data shows that BTC tanked by over 7.3%. Here’s why and what we can expect in November. Uptober Failed Ever since the July 1 bottom of under $58,000, bitcoin went into an impressive three-month green-only streak, surging by 7.27% in July, 25.05% in August, and 6.37% in September. This was the first such three-month period during a perceived bear market, which prompted numerous analysts to call its end and to declare the beginning of the subsequent bull phase. October indeed started on the right foot, with BTC surging from under $83,500 to over $87,000 in just a few days. Although it was halted there at first, it returned to $87,000 on October 5 and 6. However, that was the last time the asset would trade this high. By October 9, it had already crumbled by almost $7,000 and dumped to $80,400. The key $80,000 support mana...