News & Feeds October 2, 2022

BTC’s Price Trades Sideways as Global Market Turmoil Continues

For the second week in a row, the price of Bitcoin (BTC) is trading sideways as two bearish caps are still hanging over its price action. In addition, BTC’s price movement has not made any new lows during this time.

Given the current turmoil in the financial markets, with the pound sterling hitting a new low in over 30 years, equities in a bear market, and the escalating situation in Europe as its war with Russia enters into a higher phase, it does not seem as if there are any short-term catalysts that will propel BTC upwards.

Should there be a breakout for BTC over the coming weeks, it will most likely be in favor of bears.

BTC’s price is trading almost as if traders are puzzled and confused as to what to do next, given the several tail risks hanging over the market leader’s price action while its price continues to dip in and out of profit.