Bitcoin softened in Monday’s Asian session, with sellers gradually regaining control after October ended on a sour note for the bulls. The cryptocurrency lost roughly 5% last month — its first negative “Uptober” in seven years — despite briefly printing a new record high above 126,000.
Last week’s attempted rebound stalled as the Fed’s latest decision delivered a hawkish twist. The 25-bp rate cut came with Chair Powell warning that another reduction in December was “not a foregone conclusion,” a remark that revived Dollar strength and curbed appetite for risk assets, including crypto.
Some optimists argue that the traditional October crypto rally may simply be delayed rather than cancelled, but current technical signals are not supporting that view.
The consolidation pattern from 101,896 appears to have completed in three waves up to 116,405, suggesting that the decline from 126,289 is ready to resume. A drop through 106,230 would confirm renewed downside momentum, opening a move toward 101,896 initially.
Decisive break below 101,896 would extend losses toward the 55 W EMA (now at 98,964) — the line in the sand for preserving the longer-term uptrend from 15,452 (2022 low).
