Bitcoin’s price experienced a further decline on Monday, decreasing by 2% over a 24-hour period to trade at just above $82,423. The coin has experienced a decline of 3% over the past week, and its performance this month indicates a downward trend in trading. October typically demonstrates robust performance for the original cryptocurrency. Data indicates that it has concluded eight of the last ten Octobers with positive returns. Last year was one of the exceptions: while bitcoin’s price reached an all-time high of $126,080, it subsequently began to enter a bear market after October 10 – when the largest crypto liquidation event in history impacted the asset’s price.
Markets across the board experienced significant declines in response to tariff threats issued by U.S. President Donald Trump. Long positions in cryptocurrency were eliminated, resulting in the liquidation of over $19 billion in digital asset investments. Bitcoin subsequently experienced a prolonged bear market throughout the majority of 2026. The positive development? The coin recently experienced its most successful quarter in several years, alongside a strong performance in September, a month that has traditionally posed challenges for the cryptocurrency market.
Analysts are currently indicating that despite a poor beginning to “Uptober,” there may already be indications of a bottom forming this month. In a recent analysis, the Japanese asset management platform XWIN indicated a potential upward trajectory from this point forward. “Now, signs of a potential bottom are emerging,” XWIN said in a 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.” It added: “‘Uptober’ need not mean uninterrupted gains: a correction can build the foundation for the next advance.”
High oil prices have, at least in the short term, negatively impacted bitcoin’s price as investors anticipate that the Federal Reserve will raise interest rates to manage inflation. Despite the U.S. central bank’s decision to raise interest rates last month, bitcoin’s price remained unaffected and actually increased in response to the announcement. Other analysts have indicated that the largest cryptocurrency has exited a bear market, as evidenced by its crossing of the 365-day moving average – a signal that has historically signalled the onset of bull markets in previous cycles.
