Bitcoin is currently down 4.10% in October, marking its second consecutive monthly decline. Despite this, analysts from Galaxy and Glassnode highlight four bullish indicators related to price structure, market positioning, and macroeconomic factors.
The asset is trading at $79,935, which is approximately 5% above its 50-week moving average of $75,812. Research suggests that reclaiming this level after extended periods below it has historically preceded positive performance over the following year.
Institutional activity shows a shift in holdings. Between September 2025 and June 2026, nine firms, including Goldman Sachs and Millennium Management, reduced their spot ETF holdings by 68,000 BTC. Conversely, US spot Bitcoin ETFs have added 87,000 BTC since June.
Retail participation has declined, with Santiment reporting a loss of roughly 30,000 non-empty wallets since October 16. Analysts view this retail exit as a potential bottom signal. Meanwhile, US federal debt reached $40.44 trillion on October 20.
Historical data from Coinglass indicates that November has historically closed higher in 63% of years since 2010, with a median gain of 10.26%. However, the asset has only risen in November twice in the five years following a negative October.
