Analyst: The rebound in Bitcoin prices in October was not led by US investors, but rather European and Asian investors showed stronger buying enthusiasm

According to analyst Murphy on X, in the past month, the circulating market value of USDC has decreased by 1.5 billion dollars, mainly reflected in a decrease in exchange balances reaching 840 million dollars, while Coinbase's BTC balance remains basically unchanged. This data shows that investors from Europe and Asia are more active than those from the United States and have stronger potential buying sentiment for Bitcoin. From an RMMPC index analysis, it is clear that the price rebound in October was not led by American investors. Since October 9th, indicators for America have been lower than those of Europe and Asia until October 21st with no signs of reversal yet. Obviously without strong market entry sentiment from American investors or so-called "fomo" feelings it is difficult to kick off a "election rally".

Currently there aren't many trapped chips above $68k for Bitcoin; theoretically it wouldn't be hard to regain stability over $70k mark again. However within the range between $60k-$64k there are large amounts of short-term profit chips (about 2.27 million), which could put pressure on Bitcoin prices after exceeding $70K . Therefore allowing some time for turnover within the range between $65K-$68K might be more beneficial for its subsequent upward space.