Uptober's Grand Finale
Uncharted Lite 5
Everything is worth what its purchaser will pay for it. - Syrus
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It's safe to say that the bulls won this week, at least for now. BTC has finally stabilized and lost some steam after several days of rising, with a price decrease to roughly $34k. Future ETF approvals could lead to further gains, however they will be short-term “sell the news” events due to market dynamics.
BTC is currently trading at roughly $34k in a low-risk environment. Its market capitalization has dropped to $665 billion, while its control over altcoins has increased to just over 53%, further lowering the Altcoin Signal.
On Thursday, the US Dollar Index was slightly higher but still weak versus a basket of currencies as statistics indicated that the US economy grew at its quickest rate (4.9% annual rate) in nearly two years in the third quarter, defying gloomy predictions of a recession that have lingered since 2022.
With Lower Highs and Low Lows, the DXY may be about to enter a new downtrend. This channel's confirmation would be beneficial because there is often an inverse link between risk on assets and digital assets.
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