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Bitcoin slides, erasing nearly half of September gains

Bitcoin fell 2.7% in the past 24 hours to $81,125, as macro headwinds including high Treasury yields and expectations for another Fed rate hike weighed on crypto.

Reported · Written up by our desk · Market Structure

Bitcoin is slipping again, with the cryptocurrency down 2.67% over the last 24 hours to $81,125 and nearly erasing half of its September gains, according to Decrypt.

The outlet said the recent moves appear to run counter to historical seasonality, including the expectation that October, known as Uptober, brings Bitcoin’s biggest returns, while noting a similar pattern occurred the prior year.

Decrypt also pointed to a macro backdrop working against Bitcoin, citing Wall Street pulling back from record highs as Brent crude hovered near $100 a barrel and Treasury yields stayed near their highest levels since 2002.

The report added that the latest Federal Reserve meeting minutes showed many officials expecting another rate hike before year end, and said Bitcoin has been moving alongside other risk assets even as its daily chart remains comparatively bullish.

Latest closeWTI crude $89.70 ▼1.6%|Brent $100.73 ▼1.5%|Bitcoin $80,566.15 ▼3.2%

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