Bitcoin's October Swings Continue as Most Altcoins Shed Value

October has been a frustrating month for bitcoin traders, with the asset repeatedly defying both bullish and bearish expectations. After dipping below $80,000 last week, it climbed back near $84,000 before sliding to around $81,000.

Every upswing initially appeared encouraging, but each subsequent downturn revealed underlying lack of conviction.

The pain runs deeper than bitcoin's own price action. Bitunix's Token Pulse report for October 17–23 showed that approximately 80% of the 300 biggest cryptocurrencies under its surveillance recorded losses.

The median weekly return for these tokens stood at -3.98%, versus bitcoin's comparatively slight drop of 0.71%. Cardano, NEAR and SUI each fell by over 5%. STRK, the token of Starknet, tumbled 39.2%.

A broad crypto market rebound becomes increasingly difficult to maintain while the majority of digital assets continue trending downward.

Why Does Bitcoin Keep Reversing Course?

US interest-rate expectations have been in constant flux. Remarks early in the week pointing to softness in the labor market fueled optimism about additional Fed rate reductions. Bitcoin gained ground as traders priced in easier monetary policy.

Subsequently, stronger-than-expected economic figures undercut bets on aggressive easing, pushing bitcoin back down, Bitunix noted.

Institutional flows have proven just as erratic.

On October 19, US spot bitcoin ETFs saw net inflows of $526.7 million, followed by $524.8 million on October 21. The next session recorded a $635.6 million outflow. That swing of $1.16 billion between two consecutive trading days is striking.

The selloff is not confined to cryptocurrencies.

Bitunix's weekly review of stock contracts documented a 10.52% drop for Intel and an 8.05% fall for Micron. The Nasdaq shed 2.6% on October 22 as market participants weighed the steep expense of the artificial-intelligence buildout.

Bitcoin declined in tandem with tech stocks as risk appetite diminished.

Crude oil adds another layer of complexity. Brent crude rose 6.8% during Bitunix's tracking window as tensions in the Middle East intensified. Higher energy costs risk sustaining inflationary pressure, thereby complicating the case for rate reductions.

Even the handful of digital assets in positive territory faced headwinds. Lighter's LIT token advanced 12.19% over the week, buoyed by increased platform engagement and intentions to apply for US derivatives licenses. However, it lost over 11% in the last 24 hours of the period.

Spot weakened. Positioning told a more complicated story. BTC and ETH faced ETF outflows while derivatives longs remained elevated, as TRX showed relative resilience.

— Bitunix (@BitunixOfficial) October 23, 2026

Will Bitcoin Recover Before October Ends?

The next significant trial is coming shortly.

The Federal Reserve is scheduled to convene on October 27–28, with the September core PCE inflation reading due the following day, October 29.

As of August, the annual core PCE rate was 3.0%, remaining above the Fed's 2% objective.

Should inflation moderate or the Fed deliver comforting signals, bitcoin might once again test the 84,000–85,000 range.

Conversely, sustained inflation, additional ETF outflows, or another tech-equity downturn could refocus attention on the $80,000 level.

At present, recurring bounces indicate that buyers are still ready to enter around $80,000. However, the violent pullbacks imply that they have not yet seized control.

The choppiness of October underscores a market where participants buy on dips but lack conviction for a lasting uptrend.