The US budget crisis remains unresolved, and the US government officially shut down seven years later.
The result is the suspension of key economic indicators such as employment and gross domestic product (GDP) data, and the hundreds of thousands of federal employees have been abandoned.
As uncertainty increases in the US as government shutdowns resulted in an increasing number of uncertainties, according to a K33 survey, October, a bullish month after the Asian holiday season and the US government shutdown, began with uncertainty.
K33's investigation said in today's report that significant developments have been developed one after another with the Chinese nationals' Golden Week Holiday (lasting a week) on Sunday and the launch of partial closures in Washington.
At this point, the analytics company said developments derived from Asia and the US could reduce liquidity in cryptocurrency markets and cause critical economic data delays in early October.
Low liquidity increases the risk of abnormal price fluctuations in Bitcoin (BTC) and cryptocurrency markets, according to analysts.
Analysts at K33 said a week of holidays in Asia, consistent with the first week of October, historically caused a recession in Asia, and had a negative impact on Bitcoin.
According to K33 data, Bitcoin generally performs flat or negatively in the first week of October, with K33 Research of Research Vetle Lunde saying, “BTC generally runs flats during the Asian holiday season in early October.”
Lunde pointed out that Bitcoin remains unstable and investors are taking a cautious approach to BTC. He noted that open interest in CME has declined low for five months, indicating options traders still support a bearish position.
Do you like Bitcoin in October?
Looking at Bitcoin's performance over the years and months, we notice a concentration of declines in certain months and an increase in certain months.
Looking at the Bitcoin Monthly Return Chart above, we can see that March, August and September are generally fewer months of declines, while February, July, October and November are months of increasing.
Looking at BTC's October performance over the past 12 years, we see that it has risen for 10 years and declined for two years.
This situation raises investors' expectations for October, but looking at the years we have experienced, we can see that these are in line with the BTC bare market.
Historical data show that October is a bullish month, with BTC rising 3% over $116,000 in the last 24 hours, but it seems difficult to say whether Bitcoin's rise will continue for now in an uncertainty environment created by events such as the US government closure.
*This is not investment advice.
