TL;DR

• Despite recent volatility, several indicators suggest that BTC might be entering a bullish phase.
• On the other hand, one essential element hints at an intensified pullback in the short term.

‘Uptober’ Still in the Cards?

Bitcoin (BTC) has passed through severe volatility since the start of October, performing worse than some expected. After all, the ongoing month has been a historically positive period for the entire cryptocurrency industry, thus known across the community as “Uptober.”

Currently, BTC trades at just south of $61,000, a 5% decline on a 10-day scale. However, some essential metrics suggest that a resurgence could be on the horizon.

According to CryptoQuant, BTC exchange outflows have predominantly surpassed inflows in the last week. As observed in the chart below, the past few days witnessed the emergence of huge red candles, which signal a potential shift from centralized platforms toward self-custody methods. This could be viewed as a bullish sign since it reduces the immediate selling pressure.