Bitcoin‘s “Uptober“ Streak snapped after Six years of Gains
Bitcoin’s historically bullish October run-dubbed “uptober”-ended in 2024, breaking a six-year streak of uninterrupted monthly gains. The digital currency faces an uphill battle to recover, needing to close the day above USD 114,000 to reverse the current downturn, a target appearing unlikely with its current price hovering around USD 109,800, according to CriptoNoticias’ Price Calculator.
The end of this winning streak signals a potential shift in market dynamics for the world’s leading cryptocurrency. For six years, October has consistently delivered positive returns for Bitcoin investors, fueling a narrative of seasonal strength. This year’s reversal impacts a broad range of stakeholders-from individual investors to institutional funds-and underscores the growing influence of global macroeconomic factors and geopolitical events on the volatile crypto market.
According to data from Coinglass, the negative performance is attributed to escalating geopolitical tensions in the Middle East and Eastern Europe, coupled with macroeconomic uncertainty stemming from recent monetary policy decisions by the United states Federal Reserve (FED). These factors have increased demand for U.S. dollars and diminished investor appetite for risk assets, including Bitcoin.
