Bitcoin experienced an extended price decline on Monday, dropping 2% over a 24-hour window to change hands at slightly above $82,423.
Over the trailing seven days, the digital asset has fallen by 3%, resulting in negative performance for the month to date.
Historically, October tends to be a robust period for the original cryptocurrency. Coinglass metrics indicate that the coin has closed eight out of the preceding ten Octobers with positive gains.
The previous year proved to be an exception. Although bitcoin reached a peak all-time high of $126,080, it subsequently drifted into a bear market following October 10, when the largest crypto liquidation event in history severely impacted its valuation.
Broad financial markets suffered significant damage after U.S. President Donald Trump issued tariff threats. Long positions in crypto were eradicated, resulting in the liquidation of over $19 billion in digital asset wagers.
Subsequently, bitcoin remained entrenched in a bear market for the majority of 2026.
On the positive side, the cryptocurrency recently concluded its strongest quarter in years alongside a favorable September—a month that typically poses challenges for the asset. Market experts note that despite a sluggish beginning to “Uptober,” indicators suggesting a local bottom may already be forming this month.
In a report for analytics provider CryptoQuant, Japanese asset management firm XWIN suggested that the market trajectory could shift upward from this point.
“Now, signs of a potential bottom are emerging,” XWIN stated in a client note. “On October 12, markets priced roughly an 18% chance of an October Fed hike, while Brent crude had eased from nearly $110 to around $103.”
The note further stated: “‘Uptober’ need not mean uninterrupted gains: a correction can build the foundation for the next advance.”
Elevated oil prices have historically weighed on bitcoin’s valuation in the short term, as investors anticipate that the Federal Reserve will raise interest rates to combat inflation.
Nevertheless, when the U.S. central bank increased interest rates last month, bitcoin’s price remained resilient and actually climbed after the announcement.
Additional analysts have pointed out that the leading cryptocurrency has exited its bear market after surpassing its 365-day moving average—a technical indicator that has historically signaled the beginning of bull market cycles.
What is the current price of Bitcoin?
Bitcoin is trading at a little over $82,423 following a 2% drop over a 24-hour period.
Why is October called ‘Uptober’?
October is historically a strong month for Bitcoin, with Coinglass data showing it has finished eight of the last 10 Octobers in the green.
What caused the massive crypto liquidation in a previous October?
Markets were hit hard following tariff threats from U.S. President Donald Trump, wiping out crypto long positions and liquidating over $19 billion in digital asset bets.
Are analysts seeing signs of a market bottom?
Yes, according to asset management platform XWIN and other analysts, signs of a potential bottom are emerging and the asset has crossed its 365-day moving average.
