Bitcoin Slides 2% to $82.4K; 'Uptober' Faces Headwinds

Bitcoin Price Retreats, 'Uptober' Off to a Slow Start

Bitcoin (BTC) continued its downward trend on Monday, shedding 2% of its value over 24 hours to reach approximately $82,423. The leading cryptocurrency has now lost 3% over the past week and is currently trading at a monthly deficit.

October traditionally performs well for Bitcoin, closing positively in eight of the last ten years. However, 2026 proved an exception. While BTC hit an all-time high of $126,080 last year, a significant market correction followed on October 10th, triggered by tariff threats and a massive $19 billion liquidation event across crypto long positions.

Bear Market Memories and Potential Bottoms

The subsequent months saw Bitcoin mired in a bear market. Despite this, recent performance offers some optimism. The coin experienced its strongest quarter in years and a surprisingly positive September – historically a weak month.

Data firm CryptoQuant, via Japanese asset management platform XWIN, suggests a potential bottom may be forming. XWIN noted that market expectations for a Federal Reserve rate hike in October eased from 18% on October 12th, coinciding with a drop in Brent crude prices. They argue that a correction within 'Uptober' could lay the groundwork for future gains.

Other analysts point to Bitcoin’s recent breach of its 365-day moving average as a bullish signal, historically preceding bull market cycles.

Source: Bitcoin Magazine