Bitcoin Faces Uncharacteristic Selling Pressure For This Time Of Year

So much for “Uptober.”

October has traditionally been the best month of the year for Bitcoin (CRYPTO: $BTC) and other cryptocurrencies such as Ethereum (CRYPTO: $ETH). 

So good, in fact, that many crypto investors and analysts refer to the month of October as “Uptober.” However, this has not been the case this year. 

Halfway through October and Bitcoin continues to face heavy selling pressure, with its price languishing around $110,000 U.S.

Things had been looking up for Bitcoin at the start of the month when its price hit an all-time high of just over $124,000 U.S. 

But after reaching that peak, it has been all downhill for BTC in recent weeks. 

The price of Bitcoin got hammered alongside stocks on Oct. 10 when trade tensions between the U.S. and China reignited.

Bitcoin’s price fell 14% in a single day, dropping as low as $103,000 U.S. in what’s being described as a “flash crash.”

While the price has moved off that low, it continues to hover around the $110,000 U.S. mark, leading some analysts to revise down their forecasts for the biggest cryptocurrency. 

Other cryptocurrencies haven’t fared much better, with Ethereum, Dogecoin (CRYPTO: $DOGE), XRP (CRYPTO: $XRP), and Solana (CRYPTO: $SOL) each down in what is normally the strongest month for digital assets. 

Analysts say investors are moving away from risk assets such as crypto due to rising concerns about stock market valuations, the U.S. government shutdown, and a potential all-out trade war between America and China. 

BTC is currently up 19% on the year.