Bitcoin Price Starts 'Uptober' Down 0.7% on Hopes for a Final Push to $20,000

Bitcoin price action could include another trip to $20,500 but beyond that the overall trend remains firmly on the downside for traders.

Market Update

Bitcoin (BTC) failed to hold $20,000 through September's monthly close as a trader eyed one last comeback before another drop.

BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingView

Trader's $20,500 upside target remains

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD remaining lower after ending the month at around $19,400.

Capping losses at 3%, monthly chart failed to rally on Oct. 1, with BTC/USD down another 0.7% in Uptober so far, data shows of the Coinglass on-chain data resource.

BTC/USD monthly return chart (capture screen) . Source: Coinglass

Dismal financial data from macro markets contributed to lack of appetite for risky assets, and among crypto traders the outlook remained bleak.

For Crypto's popular Il Capo Twitter account, a return above the $20,000 mark was still possible that day, which was yet to be followed by a much lower dip.

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An additional post noted stable buy-ins worth $192,000 on the FTX exchange, which he said could help the short-term upside.

Yet, at the time of writing, BTC/USD was looking conducive to volatility leading into the weekly close, as suggested by Bollinger B tightening...