[October Bitcoin Market Review: The Intense Interweaving of Peaks and Darkest Moments]

The cryptocurrency market in October 2025 is destined to leave a vivid mark amidst the dramatic fluctuations of Bitcoin. From the sharp surge at the beginning of the month that broke historical thresholds, to the epic collapse in the middle of the month that triggered industry tremors, and then to the end of the month where it struggled repeatedly amid liquidity exhaustion and policy expectations, the entire Bitcoin market in October resembled a dramatic rollercoaster, vividly showcasing the greed and fear of the market. Reviewing this magnificent trend not only reveals the transmission logic of market sentiment but also provides important references for future market judgments.

[Monthly Surge: Unilateral Rise Reaches a Phase Peak]

In early October, the Bitcoin market kicked off with an unstoppable upward momentum. After stabilizing around the support level of 113,900 USD at the beginning of the month, Bitcoin unambiguously entered a one-way upward mode, with continuous buying power driving the price to soar. As of October 6, Bitcoin had peaked around 126,200 USD, with an increase of over 10% within just a few days, not only setting a new high for the year’s rebound but also reigniting the market's hope for a cryptocurrency bull market.

Behind this wave of rising market, there is not only an early response to the expectation of global liquidity easing but also a benefit from positive factors within the cryptocurrency industry. At that time, the market generally anticipated possible signals of interest rate cuts from the Federal Reserve, combined with some institutional funds accelerating their entry and layout, which together provided momentum for the rise of Bitcoin. Under the stimulus of continuous price increases, market optimism intensified, and leveraged funds increased their long positions, laying the groundwork for subsequent sharp corrections.

[Mid-month crash: Epic drop triggers largest single-day liquidation]

After three days of consolidation near the high point of 126,200 USD, the turning point in the Bitcoin market came without warning. On October 11, the decline, referred to by the market as the "epic crash," officially unfolded, with the Bitcoin price plummeting from around 122,250 USD to ultimately reach a low of 101,650 USD, marking a daily drop of more than 17%. This drop not only broke several short-term volatility records but also set a new record for the largest single-day liquidation volume in the history of cryptocurrencies, with countless long positions being forcibly liquidated, and the market instantly shifted from euphoria to panic.

The factors that triggered this crash are not a single event but the concentrated outbreak of multiple risks. From the external environment, the global financial markets experienced a widespread decline that day, with risk assets under collective pressure, and Bitcoin, as a highly volatile asset, was the first to bear the brunt; from the internal logic, during the high-level consolidation period, market liquidity had already shown signs of concern, compounded by a large-scale exit of some early profit takers, resulting in a "longs killing longs" stampede effect. After the crash, the cryptocurrency market was in chaos, investor confidence was severely damaged, and it would be difficult to recover in the short term.

[End of Month Fluctuation: The Game of Liquidity Drying Up and Policy Expectations]

After the epic collapse, although Bitcoin experienced an oversold rebound, the strength of the rebound was far below market expectations, with a peak rising only to around 116,000 USD before facing renewed pressure. On October 17, the market once again touched a phase low of 103,500 USD, at which point there was a glimmer of easing signals from the international macro market, injecting temporary vitality into Bitcoin, and the price re-entered the rebound range. However, this rebound was always constrained by the dilemma of liquidity exhaustion, with intraday trading volume failing to keep pace, leading to a lack of upward momentum, and after a peak rebound to 116,350 USD, it once again fell into adjustment.

Entering late October, the Bitcoin market is experiencing a more sluggish and volatile trend, with a weak pattern of four consecutive downward days at the end of the month. It is worth noting that even with the general market expectation of a 25 basis point rate cut by the Federal Reserve, Bitcoin not only failed to rise but continued to reach new lows, only managing to initiate a rebound after touching 106230 on the morning of October 31. By the end of the month, Bitcoin was oscillating around 109000, presenting a trend of "rising first, then falling, with weak fluctuations" throughout October.

[Market Outlook: Liquidity Returning as a Key Variable]

Looking back at the ups and downs of Bitcoin in October, it is not difficult to see that market sentiment and liquidity are the core factors driving the market trends. The rise at the beginning of the month was due to the resonance of liquidity expectations and optimistic sentiment, while the crash in the middle of the month was a result of liquidity exhaustion and the outbreak of panic sentiment. The fluctuations at the end of the month reflect the hesitation and entanglement of the market under conditions of insufficient liquidity. This series of trends clearly indicates that the cryptocurrency market has not yet formed an independent operating logic and still heavily relies on external liquidity conditions and changes in market sentiment.

For the subsequent market trends, whether liquidity can effectively return will be the key to determining the direction. Currently, Bitcoin has gained temporary support near 109,000 USD, but if the persistently low trading volume cannot improve, further upward movement will still face significant resistance. Investors need to pay close attention to changes in global macro liquidity, especially the monetary policy direction of the Federal Reserve, while closely tracking market sentiment indicators and capital flows. Only when liquidity significantly returns and the market buying power continues to strengthen can Bitcoin truly break free from the oscillating pattern and initiate a new trending market.
The market fluctuations in October are both a release of risk and a warning to investors. In the high-risk market of cryptocurrency, it is essential to remain rational at all times, avoiding blind chasing of price increases and selling at declines. Only by focusing on core variables and respecting market risks can one seize opportunities amidst volatility.