Bitcoin Heads for Second October Loss Amidst Bullish Long-Term Signals
Bitcoin has declined by 4.10% in October and is on track for its second consecutive monthly loss. Nevertheless, the long-term chart structure, reduced institutional net-long positions, and a decrease in non-empty wallets suggest a potential accumulation phase and a bottom signal.
Bitcoin has declined by 4.10% in October, heading for its second consecutive monthly loss.
The price is approximately 5% above the 50-week moving average of $75,812, seen as an accumulation opportunity.
Institutional net-long positions in CME Bitcoin futures have decreased by 57% since Bitcoin's all-time high.
A loss of 30,000 non-empty Bitcoin wallets since October 16 is interpreted as a potential bottom signal.
Story
Bitcoin is on track for its second consecutive October loss in 2026, having declined 4.10% since the beginning of the month. Currently, Bitcoin is trading at $79,645. Despite this short-term weakness, several underlying signals remain favorable. Bitcoin's long-term chart structure is considered intact by Galaxy, with the price trading around 5% above its 50-week moving average of $75,812. Galaxy analysts interpret current conditions as an attractive opportunity for accumulation. Institutional asset managers have reduced their net-long positions in CME Bitcoin futures by 57% since Bitcoin's all-time high. On-chain data from Santiment also indicates a loss of approximately 30,000 non-empty Bitcoin wallets since October 16, which they interpret as a potential bottom signal. A sustained drop below $79,000 could delay this signal, while a recovery to $82,500 would strengthen it. Historically, November has only seen a price increase for Bitcoin in 2 out of 5 years following an October loss.
Issue context
The crypto market shows a slight downturn as of October 27, 2026, with the total market capitalization decreasing by 2.07% to $2.7 trillion. Bitcoin is trading at $79,645, down 0.40% in the last 24 hours, while Ethereum declined by 0.43% to $2,306.25. Despite this short-term weakness, which sees Bitcoin heading for its second consecutive October loss, several underlying indicators suggest a potentially bullish long-term outlook. Institutional players are reducing their net-long positions in CME Bitcoin futures, and on-chain data shows a decline in non-empty Bitcoin wallets, interpreted by some analysts as a potential bottom signal. Concurrently, we continue to observe security risks in the DeFi space and growing institutional involvement, underscoring the sector's maturation.
Current market movements present a mix of short-term downward pressure and long-term positive fundamentals. Pay attention to XRP's resistance levels and the impact of institutional short positions. Volatility remains high, and security incidents serve as a reminder for careful risk assessment in DeFi protocols.
Market pulse
BTC
$79.6K
-0.4% 24h / -2.6% 7d
Fear & Greed
48
Neutral
BTC Funding
+0.0082%
20 perp markets · Open Interest $55.6B
BTC Open Interest
$55.6B
24h volume $57.9B · basis +0.051%
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This story is part of the Biturai Market Brief and is for informational purposes only. No investment advice.