- Bitcoin traded around $80,800 on Wednesday, down over 4% in October, on track for its weakest October in six years.
- Spot demand has been negative since Oct. 14, and short-term holders’ profit buffer has narrowed sharply from 33.4% to 8.1% above realized price.
- CryptoQuant’s Bull Score Index fell from 90 to 60, signaling a bullish phase that is cooling, with key support between $73,000 and $77,600.
Bitcoin is heading for its weakest October in six years as U.S. investors pull back ahead of the Federal Reserve’s rate decision Wednesday, with the cryptocurrency trading around $80,800 and down 4.2% for the month. The Coinbase Premium has not posted a single positive day this October, indicating U.S. buyers are paying less than foreign counterparts, according to data from CryptoQuant.
Spot demand has been negative every day since Oct. 14, meaning new buyers are accumulating coins more slowly than miners produce them. Short-term traders have lost most of their profit buffer, with Bitcoin trading just 8.1% above the realized price of $74,041, down from 33.4% in late September.
CryptoQuant’s Bull Score Index has dropped from 90 to 60, suggesting a cooling bullish phase but not yet a regime change, with support pegged between $73,000 and $77,600. The firm flagged the Fed decision and the Nov. 3 U.S. midterm elections as the next catalysts for Bitcoin’s direction.
Meanwhile, inflation risks complicate the outlook. Crude oil has stayed above $100 a barrel since early October, and a Reuters survey showed economists raised inflation forecasts for 31 of 50 economies for 2027. Analysts at Bitunix said a hawkish signal from Fed Chair Kevin Warsh could force bond bulls to unwind.
Bitcoin traded near $81,400 Wednesday, up about 1% in the last 24 hours. Retail sentiment on Stocktwits remained in the bearish zone.
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