From Uptober to Spooky Szn? Bitcoin Cuts September Gains in Half

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Macro Backdrop Against Bitcoin":"Bitcoin's recent downturn is attributed to a macro backdrop that includes Wall Street's retreat from record highs, Brent crude hovering near $100 a barrel, and Treasury yields at their highest since 2002. The minutes from the most recent Federal Reserve meeting indicated that most officials expect another rate hike before the end of the year.","

ETF Flows and Leverage":"Bitcoin ETFs lost $484.9 million on Oct. 7, their worst day since June. CoinGlass reported that $429 million in positions were liquidated over 24 hours, with 87.5% of them being long positions. This liquidation can push price lower still.","

Technical Analysis":"The ADX, a measure of trend strength, is currently at 40.7, down from 42.8 yesterday. The 50-day EMA remains above the 200-day EMA, indicating an intact long-term uptrend. The RSI, a measure of buying and selling pressure, is at 45.8, below the 50 points line that separates bullish from bearish momentum. The Squeeze Momentum Indicator is still on, suggesting volatility is compressed ahead of a bigger move."}