Bitcoin 
$63,477 experienced a negative start to October, a historically positive month, with a 3.29% drop in the total value of the cryptocurrency market in the last 24 hours, bringing it down to $2.16 trillion.
Price Drop and Liquidations
Bitcoin briefly fell below the $61,000 level but has since recovered slightly to trade around $61,605. Investors are turning to physical gold instead of BTC due to increased tensions in the Middle East and a cautious approach in global markets.
The price drop triggered widespread liquidations in the cryptocurrency market. According to data from CoinGlass, $525 million was liquidated across major crypto exchanges in the last 24 hours, with $448 million coming from long positions.
‘Uptober’ Traditions and Expectations
Historically, October has been a strong performing month, averaging a return of 20.69% over the last decade. The only two years Bitcoin lost value in October were 2014 and 2018.
This phenomenon is known as ‘Uptober’, but recent price movements have raised questions among market participants about whether previous trends will repeat this month.
Market Sentiment and Expert Opinions
Before the selling pressure, the cryptocurrency market displayed a generally positive sentiment. Market data platform Santiment noted that public sentiment towards Bitcoin was particularly optimistic before this week, suggesting that when enthusiasm is high, prices are often at risk of correction.
While October is usually expected to be positive, this unexpected drop has prompted investors to develop different strategies. The fluctuations in the cryptocurrency market may lead investors to be more cautious in response to current market conditions.
The continuation of volatility in the cryptocurrency market will closely relate to ongoing political and economic developments. Investors are advised to diversify their portfolios and track market trends diligently due to the current market activity.
