# Bitcoin Faces Second Consecutive October Decline Amid Weakening Demand Market momentum cools as spot demand metrics and buying pressure signal potential support testing. - **Source:** [CryptoPotato](https://brifing.si/source/bd22636b-ec8d-42a8-8cca-1937c50e0f6c) - **Published:** 2026-10-28 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/38161df3-d2f4-4ef4-9da6-0523a832f42b ## October Performance Shift Bitcoin is currently tracking a 3.3% decline as of October 28, marking its second consecutive losing October. This performance contrasts sharply with the 2020-2024 period, where the asset consistently posted positive returns averaging 18%. The current price of $81,350 represents a notable drop from the September closing figure of $83,570. ## Declining Spot Demand Spot demand metrics have turned negative, with CryptoQuant reporting an apparent demand of -76,000 BTC by October 25. This metric has remained in negative territory daily since October 14, indicating that the volume of Bitcoin entering circulation currently exceeds the absorption rate by active market buyers, signaling a cooling trend. ## Coinbase Premium Analysis Buying activity within the U.S. market shows signs of fatigue, evidenced by the negative Coinbase Premium throughout October. On October 24, this indicator hit -0.146, its lowest point since late June. The monthly average of -0.093 is three times higher than September, reflecting significantly weaker buying pressure on Coinbase versus Binance. ## Trader Profitability Contraction Short-term traders are experiencing a sharp reduction in paper profits, which have plummeted from approximately 33% in September to just 8% recently. This decline in profitability directly correlates with the broader price weakness observed throughout the month, forcing many market participants to reassess their positions amid the current cooling market environment. ## Bull Score Index Trends The Bull Score Index has retreated from a high of 90 in late September to 60 as of October 19. While six of the ten components remain positive, the overall market condition is now classified as bullish but cooling. A drop below 50 would signal a more significant loss of momentum. ## Critical Support Levels Bitcoin is testing several technical support thresholds as downward pressure persists. The 365-day moving average is positioned at $77,585, while the short-term trader cost basis sits near $74,041. Additionally, the 200-day moving average is located at $73,028, all of which are within a 10% range of the October 25 price point. ## Risk of Sustained Decline Analysts emphasize that a sustained drop below these identified moving averages could force recent buyers into unrealized losses. These levels serve as vital psychological and technical benchmarks for the market. If the current downward trajectory continues, these support zones will be critical in determining whether the asset stabilizes or faces further. ## Market Outlook Implications The transition from historical October strength to current losses highlights a broader shift in market sentiment and liquidity. With demand metrics weakening and trader profits narrowing, the market is entering a phase of consolidation. Investors are now closely monitoring these key support levels to gauge the potential for a trend reversal. ## Sources covering this story - https://cryptopotato.com/bitcoin-heads-for-another-october-loss-as-demand-weakens/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._