Bitcoin tracks weakest October in 6 years as US spot demand falls

Bitcoin is on track for its weakest October since 2020, as the price fell below September’s closing level and soft demand in the US market has placed additional pressure on the cryptocurrency. BTC traded near $80,800 on Wednesday, a decline from its September close of $83,567. Data from CoinCodex showed Bitcoin has lost around 4% in October, reversing a trend where October often brought strong performance for the cryptocurrency. Historically, October has delivered average gains of 18.1% for Bitcoin since 2020, but last year the asset dropped 3.8% during the month. If the current trend continues, October will register another downturn, signaling weaker momentum and marking the most challenging October performance in six years. On-chain data from CryptoQuant indicated that lower-than-usual buying interest has accompanied the recent price weakness.

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