From CryptoPotato · By Mandy Williams
Bitcoin (BTC) is on track for its second consecutive losing October, down 3.3% as of October 28. According to a recent CryptoQuant report, BTC traded near $81,350, down from its September closing price of $83,570.
Historically, that’s a sharp change from October’s usual strength, as Bitcoin ended every October from 2020 to 2024 in positive territory. Average gains during that period were about 18%. October 2025 broke that run with a 3.8% loss, and this year looks set to extend the losing streak.
Bitcoin Demand Weakens as Market Momentum Cools
Spot demand has also weakened as Bitcoin’s price has fallen. CryptoQuant’s 30-day apparent demand metric stood at -76,000 BTC on October 25. The metric has remained negative every day since October 14, suggesting buyers are absorbing less Bitcoin than the amount entering circulation.
Buying activity in the U.S. has been weak as well. The Coinbase Premium, which tracks the price difference between Bitcoin on Coinbase and Binance, remained negative throughout October. It fell to -0.146 on October 24, its lowest level since late June.
The gap has widened compared with last month, with October’s average reading at -0.093, about three times September’s level. This suggests weaker buying pressure on Coinbase than on Binance, though the indicator alone cannot explain why demand has slowed.
Other indicators show that Bitcoin’s recent price weakness has reduced short-term traders’ profits. Their paper profits have dropped from around 33% in September to 8%. Meanwhile, CryptoQuant’s Bull Score Index has fallen from 90 in late September and early October to 60 since October 19.
Still, the picture is not entirely negative, as six of the index’s ten components remain in positive territory. CryptoQuant continues to describe market conditions as “bullish, cooling,” but a fall to 50 or below would point to a more significant loss of strength.
BTC Approaches Key Support Levels
Bitcoin is approaching several key support levels as its price remains under pressure. The 365-day moving average sits at around $77,585, while short-term traders’ average cost basis is near $74,041. The 200-day moving average stands at $73,028.
All three levels are within roughly 10% of Bitcoin’s October 25 price, making them important to watch if the decline continues. The analytics firm noted that a sustained drop below this level could leave recent buyers at a loss.
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