Bitcoin’s value experienced a further decline on Monday, dropping by 2% within a 24-hour timeframe, which placed its trading price just above $82,423.
Over the past week, the cryptocurrency has faced a 3% decrease, contributing to a downward trend thus far this month.
Historically, October has proven to be a robust month for Bitcoin, with data from Coinglass indicating that it has concluded eight of the last ten Octobers in positive territory.
The previous year marked a notable exception: despite Bitcoin reaching an all-time high of $126,080, the asset entered into a bear market shortly after October 10, catalyzed by the most significant liquidation event in cryptocurrency history.
The broader market faced substantial challenges following tariff threats from former U.S. President Donald Trump, resulting in the liquidation of over $19 billion in digital asset positions among crypto long traders.
Subsequently, Bitcoin spent a considerable portion of 2026 within a bear market environment.
On a more positive note, Bitcoin recently registered its best quarterly performance in years, following a relatively strong showing in September—historically considered a challenging month for the cryptocurrency. Analysts suggest that although ‘Uptober’ has commenced with a less than favorable start, indicators of a potential market bottom may already be emerging.
In commentary from the Japanese asset management platform XWIN, affiliated with the data firm CryptoQuant, the prospects for upward movement appear to be increasing.
“Currently, signs of a potential bottom are emerging,” XWIN noted. “As of October 12, markets were pricing in approximately an 18% likelihood of an interest rate hike by the Federal Reserve within October, while Brent crude prices have eased from nearly $110 to around $103.”
The platform further stated that “‘Uptober’ does not necessarily imply continuous gains; a correction can indeed provide the groundwork for subsequent advancements.”
Rising oil prices have predominantly exerted short-term pressure on Bitcoin’s value as investors anticipate potential interest rate hikes from the Federal Reserve aimed at curbing inflation.
However, despite the U.S. central bank’s interest rate increase last month, Bitcoin’s price remained largely resilient and even appreciated following the announcement.
Other industry analysts have posited that Bitcoin may have exited its bear market, as evidenced by its crossing above the 365-day moving average—a historical signal that often indicates the commencement of bull markets during previous cycles.
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