October, typically known as “Uptober” for its strong crypto performance, broke its seven-year bullish streak this year. Bitcoin slipped 3.7% for the month, marking a rare setback for the cryptocurrency, as per the TradingView report.
Global economic tensions are also weighing on sentiment. Ongoing trade disputes between the US and China, along with uncertainty surrounding oil prices and geopolitical risks, have driven many investors toward safer assets such as the dollar and gold, as per the report.
The $88,000 mark also aligns with Bitcoin’s realized price, the average cost basis of active investors, which has historically served as a strong support during past corrections. However, analysts say that if Bitcoin can close and hold above $113,000, it could invalidate the bearish outlook and open the door for a short-term rebound, as per the TradingView report.
Still, some analysts believe a “Santa Rally” could emerge in December if the Fed follows through with its plans to end quantitative tightening and possibly cut rates again, reported TradingView. That could bring back some liquidity and optimism to the crypto market in the final stretch of 2025.
For now, traders are watching the $113,000 resistance and $100,000 support levels closely, as a clear breakout or breakdown from this range will likely determine Bitcoin’s next major move, as per the report.
A negative premium suggests reduced US buying interest, increased selling pressure, and greater risk aversion among retail investors. The trend also coincided with capital outflows from US-listed Bitcoin ETFs and a 5% price loss in October, ending Bitcoin’s long-standing “Uptober” rally, as per the report.
Could Bitcoin recover soon?
A strong close above $113,000 could trigger a short-term rebound.
