October ends in disappointment! Bitcoin still struggling to find a direction!
Bitcoin “lost fire” in October – investors wait for new breakout signal
October, the “traditional price increase” month, turned gloomy again
October was considered the strongest growth period in Bitcoin's history , but this year, the digital currency performed contrary to expectations.
Despite a slight recovery, Bitcoin (BTC) continues to weaken and has not found a clear direction. According to analyst James Van Straten, “ Investors expected an increase in momentum in October, but market sentiment is currently not meeting that expectation .”
Bitcoin “stuck” between two important moving averages
Straten said Bitcoin is fluctuating in a narrow range between two simple moving averages (SMAs) – the 200-day and 365-day, which are around $107,846 and $100,367, respectively.
“This is the fourth time in this cycle that BTC price has been stuck between two SMAs, and this sideways trend could last for months,” he noted.
From the start of the 2023 cycle, the 200-day SMA has typically acted as key support , but if this level is broken, the 365-day SMA would become the next buffer .
The “breakout” threshold determines the upcoming trend
According to Straten, a break above the 200-day SMA is key to a short-term recovery and trend reversal .
If it fails, the market will likely continue to “mark time.” He also pointed out the price levels to watch, including $103,509 (the average cost of investors in 2025), $100,000 (an important psychological milestone), and $112,100 (the short-term average cost).
Temporarily, Bitcoin is still "confused" between support and resistance zones , forcing investors to patiently wait for new breakout signs.