Bitcoin (BTC) is on course to end its second consecutive October in the red, down 3.3% as of October 28 and trading near $81,350, compared with a September close of $83,570. This contrasts with five consecutive positive Octobers from 2020 to 2024, when the average gain was about 18%. According to CryptoQuant, 30-day apparent demand stood at -76,000 BTC on October 25, while the price gap between Coinbase and Binance reached -0.146 on October 24, indicating weaker buying pressure in the United States. Short-term traders’ paper profits fell from 33% in September to 8%, and CryptoQuant’s Bull Score Index dropped from 90 to 60. Bitcoin is now watching several support levels, including its 365-day and 200-day moving averages and short-term traders’ average cost basis, located between $73,028 and $77,585.
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