Bitcoin Seals Its Worst October Performance Since 2018 as Traders Turn Cautious
Bitcoin (BTC) traded around $110,000 on Saturday, with traders adopting a bearish stance after “Uptober” failed to meet expectations. The cryptocurrency closed out October with a disappointing 3.7% loss—the worst monthly performance since 2018.
### Bitcoin Demand Weakness Closes Out Uptober
Data from Cointelegraph Markets Pro and TradingView showed BTC recovering some losses following a sell-off during Friday’s Wall Street trading session. Sell pressure persisted throughout the week across both US exchanges and spot Bitcoin exchange-traded funds (ETFs).
Onchain analytics platform Glassnode highlighted that ETF outflows signal “rising sell pressure from TradFi investors and renewed weakness in institutional demand.” UK-based investment firm Farside Investors reported ETF outflows of $191 million on Friday, following $488 million of outflows on Thursday.
Despite a favorable macroeconomic tailwind—a US Federal Reserve interest rate cut—the market remained subdued. Glassnode noted that although the Fed’s rate cut was expected, a hawkish tone regarding December’s policy dampened optimism. “The initial rally faded as traders moved back into cautious mode, a shift clearly reflected in BTC’s options market,” Glassnode commented on X.
### Traders Show Caution Amid Ongoing Uncertainty
Crypto investor and entrepreneur Ted Pillows described the current market setup as a “time-based capitulation.” He warned that Bitcoin needs to consolidate above $100,000 to avoid confirming a downtrend, stating, “A weekly close below this level will confirm the downtrend.”
Similarly, trader Daan Crypto Trades emphasized that a decisive move for BTC would only occur if the price breaks through the upper or lower boundaries of its local range—key levels identified at $107,000 and $116,000.
### Volatility Expected to Make a Sweeping Comeback
October’s monthly candle failed to deliver positive momentum, but technical indicators suggest volatility is poised for a resurgence. Commentator Matthew Hyland noted that the Bollinger Bands volatility indicator has reached the most extreme levels in Bitcoin’s history. He shared on X:
> “Monthly Bollinger Bands have reached the most extreme levels in Bitcoin’s entire history.”
The narrowing of Bollinger Bands has drawn the attention of many market participants recently. John Bollinger, the creator of the indicator, mentioned last month that it would soon be “time to pay attention” to volatility not only for Bitcoin but also for major altcoins.
### What’s Next for Bitcoin?
Historically, November has been Bitcoin’s strongest month. Data from CoinGlass shows an average upside of approximately 42.5% since 2013 for the month of November, suggesting potential for a rebound after a disappointing October.
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*This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making decisions.*
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