**Bitcoin (BTC) Trading Under Pressure After First October Loss Since 2018**
Bitcoin (BTC) is currently trading at $106,895.88, facing downward pressure after experiencing its first October loss since 2018. Technical charts suggest a growing risk of a deeper decline, potentially dropping to $100,000 or below. This sentiment is echoed in the options market, where there is a consistent bias toward put options.
The broader cryptocurrency market continues to witness capital outflows, as reflected by a decline in futures open interest. According to Alex Kuptsikevich, Chief Market Analyst at FxPro, the key focus is on Bitcoin’s 200-day simple moving average, which is hovering around $107,000.
> “The ongoing testing of support since the second half of October is a significant reason for our caution regarding the market in the near term,” Kuptsikevich commented via email. “The most pessimistic scenario would be realized if there is simultaneous pressure on stock markets along with a strengthening dollar. However, optimistic investors may note the sequence of higher lows at the peaks of the recent sell-off.”
### Derivatives Positioning
Omkar Godbole reports that Bitcoin (BTC) and Ethereum (ETH) futures open interest (OI) has remained largely unchanged over the past 24 hours. In contrast, the open interest in other altcoins such as XRP, HYPE, and DOGE has declined, signaling capital outflows from the broader market.
Despite this, the OI-normalized cumulative volume delta for BTC and ETH has decreased alongside the broader market, indicating that a bias towards short positions has been the primary driver behind the rise in open interest.
Volatility indexes for Bitcoin and Ether, as provided by Volmex, have started rising again, pointing to renewed expectations of price turbulence. On the CME (Chicago Mercantile Exchange), the annualized three-month basis for BTC and ETH remains locked below 10%.
Positioning in Ether futures and options remains elevated compared to Bitcoin. On Deribit, the options market displays a clear bias for put options in both short-term and near-dated expiries.
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https://bitcoinethereumnews.com/bitcoin/bitcoin-price-wilts-after-first-red-october-since-2018/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-price-wilts-after-first-red-october-since-2018
