TechFlow news, October 11 — According to CoinDesk, Bitcoin's price continues to trade sideways, just two weeks away from setting the longest post-halving consolidation period on record. Ki Young Ju, founder of CryptoQuant, noted that 285 days have passed since the halving in April this year; if no bull market emerges within the next 14 days, it will mark the longest sideways phase following a halving in history.
Currently, Bitcoin has been primarily fluctuating between $59,000 and $65,000. Several factors are contributing to the lack of price momentum, including uncertainty surrounding the U.S. election, rising U.S. Treasury yields, and the extension of Mt. Gox repayment timeline to October 2025.
Augustine Fan, Head of Insights at SOFA, said higher bond yields and record highs in the S&P 500 have strengthened the U.S. dollar, which in turn has suppressed the cryptocurrency market. He expects Bitcoin to remain range-bound in the weeks leading up to the U.S. election.
CoinDesk market analyst Omkar Godbole pointed out that Bitcoin must break above and sustain above $69,000 to be considered as having broken out of its current range, potentially paving the way for a new upward leg. Historical data shows that October is typically a bullish month for Bitcoin, especially in the second half.
