Uptober hopes fade as crypto market dips

The market has lost $200 billion in value, with Bitcoin briefly dipping below $60,000 before a slight recovery.

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The excitement around ‘Uptober,’ a historically bullish month for crypto, is fading as the market retreats, sparking a shift in social media chatter towards terms like ‘Selltober’ and ‘Octobear.’ Analytics platform Santiment noted that optimistic sentiment has dropped since the start of October, as traders now face a more bearish outlook. Despite this, some experts suggest there is still potential for a short-term rebound.

Bitcoin has slightly recovered after briefly dipping below $60,000 on 3 October, but overall market conditions remain shaky. The crypto market has shed $200 billion in total value since the start of the month, with technical indicators suggesting overextended rallies and sell-offs driving prices down. Historically, Bitcoin has performed well in October, often seeing gains mid-month, leaving some hoping the pattern will repeat despite current bearish trends.