Bitcoin price struggles near $83K – Can BTC find its October bottom?
Bitcoin [$BTC], which recently rallied above the long-standing $85,000 resistance level, is now showing signs of forming a potential October bottom.
Though this might be a short-term market noise, the timing is what is making the situation tense.
With the U.S. midterm elections approaching, market participants are watching whether the latest correction could mark a turning point for the largest cryptocurrency.
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Remarking on the same, XWIN Japan and DeFi Asset Management said,
These developments suggest conditions for a bottom are improving. Confirmation requires sustained ETF inflows, stronger U.S. spot buying and continued demand recovery.
Source: CryptoQuant
Market analysts paint a concerning picture for Bitcoin
In fact, according to Benjamin Cowen, founder & CEO of ITC, Bitcoin’s percentage of supply in profit and loss is actually highlighting the changing state of market profitability.
Source: X
The above chart shows that approximately 71.04% of Bitcoin supply was in profit, while 28.96% remained in loss. Although most holders were still profitable, the significant share of supply at a loss suggests that market stress remains elevated.
Meanwhile, a crypto data analyst, Maartunn, highlighted growing weakness in U.S. institutional demand, pointing to the Coinbase Premium Gap plunging to approximately -$107.
Source: CryptoQuant
For those unaware, a deeply negative premium generally indicates that Bitcoin is trading at a discount on Coinbase relative to other exchanges.
Is Bitcoin’s October bottom actually nearing?
At the same time, Glassnode confirmed the bearish pressure surrounding Bitcoin in their weekly market update.
They showed how declining Spot, Futures, and ETF indicators, with moderate risk signals across spot and ETF markets, are adding pressure on the recent rally.
Source: Glassnode
Well, the consideration is not limited here, as CoinGlass data added further fuel to the fire, as they shed light on 169,781 traders being liquidated over the past 24 hours, resulting in total liquidations of $811.79 million.
Source: Coinglass
Signs of hope for $BTC?
All this came on the heels of Bitcoin trading at $83,220.70 at press time. Meanwhile, $BTC ETFs recorded $65.40 million outflows on the 12th of October.
Source: SoSo Value
Now, amidst all these mixed and concerning pictures of Bitcoin, AMBCrypto also highlighted that Bitcoin is in an accumulation-to-neutral phase rather than a confirmed bull run, suggesting that a more sustainable rally may still be ahead.
Final Summary
- Bitcoin faces a tough time, but 71.04% of its supply in profit, and 28.96% in loss, suggests things could get better.
- However, with total liquidations shooting to $811.79 million in the past 24 hours, FUD remains.
