Bitcoin Bleeds in Uptober—How Low Can It Go? Experts Weigh In

In brief

• Bitcoin has dropped 4.1% this week, after U.S. spot BTC ETFs shed $484.9 million Wednesday.
• The slide comes in October, which is historically a green month for the leading cryptocurrency.
• Experts warn that Bitcoin could continue to stoop, testing support levels as low as $72,000.

Bitcoin has been in the red since October started, a month historically green for the leading cryptocurrency—often referred to as "Uptober." Experts warn not to treat October as a reliable bottom for Bitcoin, and predict there could be more bleeding ahead.

Per CoinGecko data, Bitcoin hit lows of $80,427 in the past week, and is currently trading at just under $83,000, down 4.1% over the past seven days. On Myriad, a prediction market owned by Decrypt's parent company Dastan, users put a 79% chance on Bitcoin ending the week above $82,000, and just a 28% chance of it topping $84,000.

"From a market-structure perspective, the $83,000 region remains an interesting level," Luke Deans, Senior Research Associate at Bitwise Europe, told Decrypt. "This area combines the average ETF cost basis with the prior technical higher-high threshold and has been tested repeatedly over recent weeks."

Where is support?