Bitcoin fell 2% in 24 hours on Monday and is trading down for October, a month that has usually been strong for it. Analysts still point to signs that a bottom may be forming.
Bitcoin slid 2% over 24 hours on Monday to trade at a little over $82,423. The coin has also dropped 3% over the past week.
Bitcoin has been locked in a range between $81,400 and $87,363 for weeks, according to Investing.com, with the 200-period simple moving average at $81,480 acting as the final stronghold for bulls on the 5-hour chart.
Bitcoin is down in a month that is usually strong
The weak start cuts against the seasonal pattern. Data from Coinglass shows bitcoin finished eight of the last 10 Octobers in the green. Last year was an exception: bitcoin hit an all-time high of $126,080, then entered a bear market after October 10, when the biggest crypto liquidation event in history followed tariff threats from U.S. President Donald Trump.
Bitcoin then spent most of 2026 in a bear market, though it also had its best quarter in years and a good September.
Analysts see signs of a bottom
Writing for CryptoQuant, XWIN said markets priced roughly an 18% chance of an October Fed hike on October 12, while Brent crude had eased from nearly $110 to around $103. The firm said signs of a potential bottom are emerging.
High oil prices have hurt bitcoin, at least in the short term, because investors then expect the Federal Reserve to hike interest rates to control inflation. Yet when the central bank raised rates last month, bitcoin was unfazed and rose.
Other analysts say bitcoin is out of a bear market because it crossed its 365-day moving average, a signal that has marked the start of its bull markets in past cycles.
Sources: Bitcoin Magazine, Investing.com
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