Bitcoin experienced a 2% price decline over a 24-hour period, trading at slightly above $82,423. Over the past seven days, the asset has recorded a 3% drop, marking a difficult start to the month of October.
Historical data from Coinglass indicates that Bitcoin has ended eight of the last ten Octobers with positive gains. Last year, the price reached an all-time high of $126,080 before entering a bear market following a major liquidation event on October 10.
Market volatility was recently influenced by tariff threats from U.S. President Donald Trump, which led to the liquidation of over $19 billion in digital asset positions. Despite current trends, analysts note that Bitcoin recently completed its strongest quarter in years.
The Japanese asset management platform XWIN, writing for CryptoQuant, suggests that signs of a market bottom are appearing. On October 12, markets estimated an 18% probability of a Federal Reserve rate hike, while Brent crude oil prices decreased from nearly $110 to $103.
Analysts point out that Bitcoin has crossed its 365-day moving average, a technical indicator that has historically signaled the beginning of bull markets. While high oil prices typically pressure the asset by fueling expectations of interest rate hikes, the market remains focused on potential recovery.
