News: Bitcoin's price action on October 17th shows increasing selling pressure, with technical indicators suggesting a potential test of lower support levels around $7,750. This bearish short-term outlook is compounded by ongoing regulatory scrutiny, as seen with the CFTC's action against a crypto Ponzi scheme and Telegram's dispute with the SEC. However, positive developments like the increased adoption of SegWit, the growth in OTC volumes, and the launch of new infrastructure like the Lightning authentication tool provide long-term bullish undercurrents. The milestone of 18 million Bitcoins mined also reinforces the scarcity narrative.

Market Probabilities: 
Bull 35% | Base 40% | Bear 25%

Recommendations: 
Short-term: SELL
Long-term: BUY
{"sentiment": "neutral", "price_direction": "up", "impact_strength": "low", "timeframe": "medium_term", "confidence": 0.525, "key_reason": "The launch of Bakkt's regulated, physically-settled Bitcoin futures is a significant milestone for i"}