Bitcoin Declines in October: $265 Billion Wiped from Crypto Market

BTC is trading at 76,637, down 1.95% in the past 24 hours, and is trading below both the SMA20 and SMA50. The RSI at 37 confirms weak momentum, while the MACD is below its signal line in negative territory. The $265 billion market cap loss in the news headline creates negative sentiment that supports the current weak technical picture. In the short term, support around 76,000 may be tested; if broken, selling pressure could increase. However, the fact that the RSI has not yet approached oversold territory leaves open the possibility of limited buying interest.

The COIN stock fell more than 13% in 24 hours to $137.87, corroborating reports that $265 billion has been wiped from the crypto market. The relative strength index (RSI) sits at 31.6, approaching oversold territory but has not yet signaled a bottom. The MACD remains in negative territory and trades below its signal line, indicating sustained downward momentum. The price is trading below both the 20‑day simple moving average (SMA20) of $145.6 and the 50‑day SMA (SMA50) of $155.2, confirming a weak short‑term trend. With news flow dampening risk appetite, reaction buying may stay muted for 1–3 days while volatility remains elevated. Nevertheless, oversold conditions do not entirely eliminate the possibility of a short‑term technical rebound, so the outlook is predominantly bearish but should be approached cautiously.

As MSTR is a structure with high leveraged exposure to Bitcoin, the $265 billion value erased from the crypto market acts as a direct negative catalyst. The price has already fallen 6.7% in 24 hours to 130.82 and is trading below the SMA20 (134.87) and SMA50 (139.55), confirming that the short-term trend is downward. The RSI is at 39 and has not yet entered oversold territory, so there may still be some room for further decline. The MACD is slightly below the signal line and in negative territory, indicating weak momentum. Nevertheless, since the news is largely priced in and the RSI is approaching 40, I expect limited downward pressure rather than a sharp drop; I maintain a medium confidence level.