Bitcoin (BTC) has faced a rough start to the historically bullish month of October, impacted by escalating geopolitical tensions in the Middle East. Despite this, bulls remain hopeful for a turnaround later in the month.

Bitcoin’s “Uptober” Off To A Patchy Start

The leading digital asset by reported market cap had a tumultuous beginning to its most bullish month since 2013. The chart below depicts how October has historically been the most bullish month for Bitcoin, giving a median return of 21.2%.

Yesterday, BTC briefly plunged below the critical $60,000 level before rebounding to $61,179 at press time. During this see-sawing price movement, BTC witnessed liquidations worth over $32 million, while ETH liquidations stood slightly above $18 million.

Over the past seven days, Bitcoin has tumbled by 6.9%, while major altcoins have experienced even greater losses. Ethereum (ETH) is down 11.2%, Solana (SOL) has dropped 10.9%, and BNB has declined by 9.9%.

According to data from CoinGlass, most of BTC’s price appreciation typically occurs in the latter part of October. The chart below illustrates that the initial days of October have historically been less favorable for BTC prices.

Notably, October 1 has been positive for Bitcoin only once since 2013, while October 2 has shown gains five times out of eleven. In contrast, later dates, such as October 28, have delivered positive returns nine times out of eleven, followed by October 20, which has ha

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Author: Ash Tiwari