Bitcoin Faces Second October Loss as Demand Weakens
Bitcoin was down 3.3% by October 28, trading near $81,350 and heading for a second consecutive October loss. That contrasts with the average 18% October gain recorded from 2020 to 2024. The article says Bitcoin fell 3.8% in October 2025, breaking that positive run.
Demand indicators have weakened alongside the price. CryptoQuant’s 30-day apparent demand measure was -76,000 BTC on October 25 and had remained negative since October 14. The Coinbase Premium was also negative throughout October, averaging -0.093 and reaching -0.146 on October 24, indicating weaker buying pressure on Coinbase than on Binance.
Short-term traders’ paper profits fell from about 33% in September to 8%. CryptoQuant’s Bull Score Index declined from 90 in late September and early October to 60 from October 19, although six of its ten components remained positive. The firm described conditions as “bullish, cooling”; a reading of 50 or below would signal a more pronounced loss of momentum.
Traders are watching support near Bitcoin’s 365-day moving average at $77,585, the short-term trader cost basis at $74,041, and the 200-day moving average at $73,028. A sustained fall below these levels could put more recent buyers in a loss-making position.
Bearish
The reported signals lean bearish for Bitcoin in the short term. BTC is down for October, apparent demand has stayed negative, and the Coinbase Premium points to weaker buying pressure on Coinbase relative to Binance. Falling paper profits and a sharp pullback in CryptoQuant’s Bull Score Index also suggest that momentum has cooled and traders may become more cautious.
These indicators do not confirm that a deeper decline is inevitable. Six Bull Score Index components remain positive, and the cited moving averages and trader cost basis—around $77,585, $74,041 and $73,028—could attract buyers. If Bitcoin holds those areas, the pullback could remain a correction rather than a broader trend reversal. A sustained break below them, however, could increase selling pressure as recent buyers move into losses, potentially prompting stop-loss orders and further defensive positioning.
In past market pullbacks, negative demand readings and weak exchange premiums have often coincided with reduced risk appetite, but they can also turn quickly if spot buying returns or wider market conditions improve. Longer term, the article’s data alone is not enough to establish a bearish trend. Traders may watch demand, the Coinbase Premium, the Bull Score Index and price reaction at support levels for confirmation. The overall near-term bias is bearish, while the medium- and long-term outlook remains dependent on whether support holds and demand recovers.