CryptoQuant’s 3 charts keeping Bitcoin’s ‘Uptober’ thesis valid

Bitcoin onchain analysis eyed a “potential bottom” for BTC price action in early October as demand weathered external headwinds. Bitcoin (BTC) can still preserve its traditionally strong October performance, as onchain data points to a local BTC price bottom forming. New analysis published on crypto analytics platform CryptoQuant Monday show onchain conditions in a state of “cautious optimism.” Bitcoin continues to weather mixed macroeconomic and geopolitical headwinds, which include 24-year highs in US bond yields , rising oil prices and cooling capital inflows to exchange-traded products. These conditions have dampened optimism over Bitcoin delivering a strong performance in October.