Despite facing recent macroeconomic headwinds and short-term price corrections, Bitcoin (BTC) still holds strong potential to preserve its traditionally robust October performance. According to onchain data shared by analytics firm CryptoQuant, key market indicators are pointing toward the formation of a potential local price bottom, keeping the popular “Uptober” narrative alive.
The first encouraging sign comes from Bitcoin exchange reserves, which remain roughly 1.7% lower than levels recorded in mid-September. This reduction indicates that investors are not rushing to dump their coins on exchanges, thereby alleviating immediate selling pressure.
Secondly, data tracking large-volume investors, or whales, shows resilient holding behavior. Combined holdings among this cohort have stayed above 3 million BTC. Despite Bitcoin dipping from around $87,000 down toward the $80,000 range, major holders have largely refrained from reducing their market exposure.
Finally, Bitcoin’s apparent demand metrics-which measure newly mined supply against changes in dormant coins-are showing signs of stabilization. Although demand indicators remained mostly negative throughout earlier periods in the year following a brief recovery in August, current trends suggest conditions for a market bottom are steadily improving.
Analysts note that while seasonal trends provide a historically positive backdrop, full confirmation of a sustained bullish continuation will rely on steady exchange-traded fund (ETF) inflows, stronger spot buying, and a broader recovery in overall market demand.
