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The major stock market indices were in the red for the day to go along with a 2.62% decline in the US 10-year treasury bond, with the S&P, Dow and Nasdaq closing down 2.11%, 1.54%, and 2.84%, respectively. “This has created a ‘collapse in volatility’ despite keener risk aversion in the general marketplace,” Wyckoff said, adding that “Bitcoin bulls have to be disappointed that prices have not rallied amid the risk-off atmosphere in the markets.”
Moving forward, Wyckoff suggested that “A move in BC prices above the September high would empower the bulls to suggest a price uptrend developing, and a move below the September low would recharge the bears and restart a price downtrend.”Insight into what the on-chain data for Bitcoin is indicating was provided by Marcus Sotiriou, an analyst for the digital asset broker GlobalBlock, who noted that “on-chain analytics are showing some bullish signs.
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