On October 31, Bitcoin (BTC) conducted new tests of the $60,000 support, with a decisive monthly close in a matter of hours.
BTC/USD 1-hour candlestick chart (bit stamp). Source: TradingView
Monthly stop log in a topic
Cointelegraph Markets Pro and TradingView data showed weak price action on Sunday, with BTC/USD below the worst-case scenario at the end of October.
Analysts were excited to see if the end of the month could make a difference and confirm that the worst theory was true for the third month in a row.
The creator, PlanB, the father of the stock-to-flow model, correctly guessed the final at $47,000 and $43,000 for August and September, respectively.
But even without success, ending October with more than $60,000 in and of itself means more accomplishments.
As previously noted by Cointelegraph, Bitcoin underperformed on a Sunday this month, contrasting Monday’s sentiment with a showing of strength – especially in the open areas in the US.
“Daily BTC says you are ready for November,” famous trader and analyst TechDev told TechDev, focusing on the upcoming month.
BTC/USD monthly candlestick chart (bit stamp). Source: TradingView
Shiba Inu quits his job due to Altcoin’s low growth rate
Altcoins have imitated the movement as Bitcoin weakens, as the 10 largest cryptocurrencies by market capitalization have suffered moderate losses in the past 24 hours.
Related: Bitcoin Closes Over $60,000 in Third Week as Ethereum Sets New Record for Altcoin Market Cap
Last week’s star Shiba Inu (SHIB) lost even more, dropping 13% at the time of writing, but still with a 45% weekly increase.
Sentiment simulates no upside potential: The Crypto Fear & Greed Index has shown a drop in ‘greedy’ in recent days.