The Monthly Report
Bitcoin and Markets - Oct. 2022
So Far This Year
Bitcoin opened 2022 at $46,311.74. Since then, it’s down 56%, closing October at $20,495.77. Despite a wild first half of the year, bitcoin has steadied back near previous market cycle support at $20,000 for the better part of five months now.
October was a strong month for the world’s largest cryptocurrency by market cap. As inflation and recession fears raged on, bitcoin consolidated upward.
Bitcoin opened October at $19,431.10.
It closed the month at $20,495.77.
October was yet another much needed “boring” month for bitcoin. In a global economic environment that’s seeing countries experience unprecedented inflation numbers, soaring energy costs, and much more, bitcoin is reestablishing itself as a financial asset to keep an eye on.
Bitcoin didn’t dip to new lows.
It didn’t hit $14k.
Much to the dismay of bears, bitcoin bounced quickly anytime it touched levels below $19,000 and continues to establish support around $20,000.
“Uptober” took effect.
Traditional markets have been on shaky ground all year and October was poised to be a volatile month. It was simply a matter of whether or not that volatility would be up or down. Calls for new bottoms on recession fears was the narrative to start the month. Even crypto markets and bitcoin fell prey to this with BTC dipping below $19k in the second week of October.
But, things turned mid month.