Bitcoin price struggles near $83K – Can BTC find its October bottom?

Bitcoin [BTC], which recently rallied above the long-standing $85,000 resistance level, is now showing signs of forming a potential October bottom.

Though this might be a short-term market noise, the timing is what is making the situation tense.

With the U.S. midterm elections approaching, market participants are watching whether the latest correction could mark a turning point for the largest cryptocurrency.

Remarking on the same, XWIN Japan and DeFi Asset Management said,

These developments suggest conditions for a bottom are improving. Confirmation requires sustained ETF inflows, stronger U.S. spot buying and continued demand recovery.

Market analysts paint a concerning picture for Bitcoin 

In fact, according to Benjamin Cowen, founder & CEO of ITC, Bitcoin’s percentage of supply in profit and loss is actually highlighting the changing state of market profitability.

The above chart shows that approximately 71.04% of Bitcoin supply was in profit, while 28.96% remained in loss. Although most holders were still profitable, the significant share of supply at a loss suggests that market stress remains elevated. 

Meanwhile, a crypto data analyst, Maartunn, highlighted growing weakness in U.S. institutional demand, pointing to the Coinbase Premium Gap plunging to approximately -$107.