["Uptober" Is the Bitcoin rally over? BTC traders turn bearish]
After experiencing volatility in early October, Bitcoin (BTC) quickly recovered and stabilized between $65,000 and $67,000, leaving investors hoping for new highs. Despite market optimism, some traders believe the BTC rally is about to peak. According to data from analyst Ali Martinez, 58.23% of open accounts on Binance are short Bitcoin.
While Binance does not represent the entire market, its influence makes it an indicator of market sentiment. Even though its market share dropped by about 20% from August, it still held 36.6% of the market in October. This shows the market’s high degree of uncertainty about the future direction of Bitcoin.
Recent gains and institutional inflows have shown confidence, but the market has gone sideways since the rally between October 14 and 16. Analyst Martinez pointed out that $66,780 is the key point that BTC must hold. If it breaks through $67,780, investors expect it to rush to $86,600.
October is known as the “Uptober” and is often a strong month for Bitcoin, indicating an upward trend in the following months. However, high volatility remains a risk and a pullback could occur at any time. In addition, Tesla's recent transfer operations have also raised concerns about potential selling pressure.
As of October 18, Bitcoin was trading at $67,780, up 12.99% in 10 months. Year-to-date, BTC is up 59.55% but has yet to break above March’s high of $73,000.
