Bitcoin records first 'Red Uptober' in 7 years…10% decline during October

Suehyeon Lee

Summary

Bitcoin (BTC) fell by 10% or more during October, marking the first 'Red Uptober' in seven years.
It said the main factors in this decline were U.S.-China trade tensions, interest rate cuts by the U.S. Federal Reserve (the Fed), and a liquidation event of about $20 billion.
According to analysts, when Bitcoin last recorded a red October, there was an additional decline in November.

Bitcoin (BTC), which had spent the past six years experiencing October 'Uptober' gains, fell by more than 10% this year, marking the first 'Red Uptober' in seven years.

On the 1st (local time), Cointelegraph reported that Bitcoin fell more than 10% during October and closed the month with a bearish candlestick. This marked the first interruption of October gains since 2017.

This decline was driven by a combination of factors including U.S.-China trade tensions and interest rate cuts by the U.S. Federal Reserve (the Fed). In particular, a liquidation event of about $20 billion following President Trump's comments on the trade war with China intensified selling pressure across the market.

Some traders predict a November rebound after a disappointing October, but caution is also being voiced. Crypto asset (cryptocurrency) analyst Crypto Rover warned, "In the year when Bitcoin last closed October as a red candle, there was an additional 36.57% drop in the following month, November."

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