- Cryptocurrency sentiment still without clear optimism; Bitcoin below $65k, despite weak US dollar
- Huge gains in China do not support Bitcoin; altcoins sentiments are still very weak
- High net inflows into U.S. ETFs meet higher supply and don't affect price directly
We can describe the sentiment of the cryptocurrency market as still quite mixed - a stage of waiting for a big price boost. It is still unclear which way the market will go, but so far neither the bull market in gold, nor Wall Street, nor now the euphoria in China have been able to push Bitcoin above $70,000. The weak dollar and declarations of further rate cuts in the US haven't helped either. It seems that a certain level of market uncertainty may persist ahead of the elections, although expectations for October seem high and if they are not 'met' by the king of cryptocurrencies, we may see some resignation. What cannot be ignored, however, is the fact that bitcoin has already rebounded more than 30% since its 'bottom' at $49k in August, and is holding above the EMA200, as well as key on-chain support levels.
Record capital inflows into U.S. ETFs for days (almost $500 million) have not directly affected sentiment around Bitcoin and must have been met with more sellers' activity.
Source: Bloomberg Finance L.P.
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The price approached important support at the level of the short-term trendline and at the same time the lower limit of the upward channel and the 200-session hourly average EMA200 (red line), after whose test Bitcoin has already reacted several times with a dynamic rebound. A drop below $64,000 could suggest a correction.
Source: xStation5
Bitcoin reacted with a decline after reaching USD 65 thousand and at the same time the 23.6 Fibonacci abolition of the wave initiated after the start of ETF trading.Looking at the broader daily interval, we see that the main support level in the medium term is still around USD 60 thousand where we see the EMA200 and the 38.2 Fibo abolition of the upward wave from January. 
Source: xStation5
Historically, October is one of the best months for the Bitcoin price, with an average increase of more than 20%. However, it's worth remembering that the past is not necessarily a good guidepost here, especially in terms of the scale of volatility, as the statistic includes months when Bitcoin's capitalization was incomparably lower and needed smaller capital inflows to generate a big move - in both directions. Source: Bloomberg Finance L.P.
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