Bitcoin (BTC) failed to carry $20,000 into the September month-to-month shut as one dealer eyed a final comeback earlier than recent draw back.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Trader’s $20,500 upside goal stays

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD staying decrease after ending the month at round $19,400.

Capping 3% losses, the month-to-month chart did not rally on Oct. 1, with BTC/USD down one other 0.7% in “Uptober” to date, in keeping with knowledge from on-chain knowledge useful resource Coinglass.

BTC/USD month-to-month returns chart (screenshot). Source: Coinglass

Dismal monetary knowledge from macro markets contributed to the shortage of urge for food for danger property, and amongst crypto merchants, the outlook remained gloomy.

For fashionable Twitter account Il Capo of Crypto, a return above the $20,000 mark was nonetheless attainable on the day, this nonetheless to be adopted by a dive a lot decrease.

An further put up famous regular buy-ins price $192,000 on trade FTX, one thing which he argued might contribute to the short-term upside.

Still, on the time of writing, BTC/USD appeared apt for volatility into the weekly shut, as urged by the tightening Bollinger Bands on decrease timeframes.

BTC/USD 1-hour candle chart (Bitstamp) with Bollinger Bands. Source: TradingView

The September shut nonetheless continued a dropping streak for Bitcoin which now rivaled the 2018 bear market, as highlighted by Caleb Franzen, senior market analyst at Cubic Analytics.

“#Bitcoin has officially produced 10 consecutive red monthly Heikin Ashi candles, with the September close,” he revealed on Twitter, persevering with:

“This is the longest such streak since the 2018 bear market, which produced 14 red candles from Feb.’18 to Mar.’19. Each bear market streak has been longer than the last…”BTC/USD 1-month Heikin Ashi candle chart (Bitstamp). Source: TradingView

Major banks sound alarm bells amongst analysts

The macro story of the second revolved round main international banks, headlined by worrying indicators popping out of Credit Suisse.

Related: Bitcoin 2021 bull market consumers ‘capitulate’ as knowledge exhibits 50% losses

The Swiss lender’s share price, having all however collapsed since 2021, now had concern spreading to establishments reminiscent of Deutsche Bank, UniCredit and even the Bank of China.

“Credit Suisse is not the only major bank whose price-to-book is flashing warning signals. The list below is of all G-SIBs with PtBs of under 40%,” Alistair Macleod, head of analysis at Goldmoney, stated by way of a tweet, importing a comparative chart of assorted banks’ price-to-book ratios. He continued:

“A failure of one of them is likely to call the survival of the others into question.”

In a memo quoted by Reuters on Oct. 2, Credit Suisse CEO Ulrich Koerner cautioned buyers in opposition to “confusing our day-to-day stock price performance with the strong capital base and liquidity position of the bank.”

The occasions observe the Bank of England returning to quantitative easing final week in an unprecedented U-turn with inflation at forty-year highs.

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Every funding and buying and selling transfer includes danger, it is best to conduct your individual analysis when making a call.

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