Bitcoin’s (BTC) October Struggles Continue as Buying Pressure Starts to Cool

Bitcoin's slight recovery from near $80,000 offered some relief, but a major momentum indicator suggests buyers may be losing some strength. Bitcoin is witnessing a decline in buying pressure, according to crypto analytics platform Alphractal. The latest reading of the Buy/Sell Pressure Delta indicates that bullish momentum is starting to cool. Alphractal outlined two possible outcomes when the metric stops climbing. Buyers Aren’t Looking as Strong Bitcoin could face a decline, or it could move sideways and enter a consolidation phase. In past market cycles, both patterns have appeared before larger price moves, including deeper corrections. For now, the dip in buying pressure is not a major warning sign on its own. The bigger concern would be a continued decline over several days. If the metric turns negative, it could signal that sellers are gaining control. Interestingly, Bitcoin plunged briefly towards $80,000. The world’s largest crypto asset has since recovered modestly as it trades at $81,200. While it’s still early to say if bulls are losing their buying momentum, Joao Wedson believes that the impact will always be “greater” on altcoins. But Wedson also flagged a historical...