Hopes for BTC Uptober rally fade, $103K support level is critical

Expectations for a seasonal Uptober rally for Bitcoin are diminishing as the cryptocurrency trades sideways between its 200-day and 365-day simple moving averages (SMAs), Coindesk reported. While investors typically anticipate a price increase in October, market sentiment has so far failed to match these hopes, with BTC consolidating in a range between $100,367 and $107,846. The report noted that this is the fourth time in the current cycle that Bitcoin has been caught between these two moving averages, adding that this sideways trend could persist for several months. A key psychological support level to watch is $103,509, which represents the average purchase price for investors this year.