Bitcoin market in October

This month's Bitcoin price moved in a soft (downward) trend.

There are no strong factors pushing Bitcoin price up.

In this environment, a triangle consolidation formed by connecting the upper and lower resistance lines.

In the last week of October, it is hovering around the point of whether it will break below the triangle consolidation.

If a time adjustment occurs and the short position (short positions in Bitcoin FX) lightens, it seems likely to break downward.

If no favorable factors emerge, the downside target is in the low 600,000 yen range, roughly the June 2024 low.

[Trivia]

A triangle consolidation is a state where Bitcoin's price movement stays within a narrow range (consolidation) and the upper and lower bounds tighten, forming lines that connect the upper and lower boundaries into a triangle. Ultimately, it breaks out either upward or downward, and the direction of the movement is highly watched as it may indicate the upcoming trend.

A time adjustment is when selling and buying are balanced, and the price range fluctuates narrowly as time passes. The end of the time adjustment occurs when the sellers have largely sold out or the buyers have largely bought out. When this adjustment ends, the market tends to move in one direction.