Bitcoin’s rebound continued on Monday as the broader crypto market capitalization edged up 1% over 24 hours. The Bitcoin price (USD) today is above $83,300, following a 0.6% gain over the past 24 hours and a recovery from the $80,300–$80,400 range.
Sponsored
Crypto Prediction Markets
18+ · Gambling involves risk. Play responsibly.
The rebound comes as South Korea’s Jeonbuk Bank, part of JB Financial Group, has launched the country’s first Bitcoin-backed loan service, while on-chain indicators point to a possible October bottom. However, continued weakness in U.S. Bitcoin buying demand suggests that a sustained recovery remains unconfirmed.
Jeonbuk Bank, part of JB Financial Group, has started offering South Korea’s first Bitcoin-backed loans. The loans will be issued in South Korean won and can only be used to cover business operating costs. The report did not disclose interest rates, loan limits or collateral requirements. The move reflects a growing use of Bitcoin-backed loans, which allow borrowers to access cash without selling their Bitcoin.
Bitcoin Price Approaching October Bottom?
Bitcoin may be approaching an October bottom as the November 3 U.S. midterm elections draw closer.
According to CryptoQuant contributor XWIN Japan, despite October’s reputation as “Uptober,” further downside remains possible before a sustained rally. High U.S. bond yields, expensive oil, slowing ETF inflows and profit-taking have left Bitcoin vulnerable to leveraged liquidations.
“Signs of a potential bottom are emerging,” XWIN Japan says.
On October 12, markets priced in roughly an 18% chance of a Federal Reserve rate hike in October, while Brent crude fell from nearly $110 to around $103 per barrel, easing some macroeconomic pressure.
On-chain data also support cautious optimism. Exchange BTC reserves remain low despite the recent rebound. Apparent Demand has recovered from deeply negative levels but remains below zero, while whale holdings have stayed elevated at around 3 million BTC despite the price correction.
Although conditions are improving, a sustained recovery is not yet confirmed.
Stronger U.S. spot buying, sustained Bitcoin ETF inflows and continued demand growth are needed to support the bottoming thesis.
Coinbase Bitcoin Premium Index Continues to Drop
According to CoinGlass data, the Coinbase Bitcoin Premium Index has fallen to -0.12%, a recent low, and has remained negative for 19 consecutive days.
The persistently negative reading suggests that Bitcoin buying demand on Coinbase relative to other markets remains weak, keeping the index bearish in the short term.
Why This Matters
For retail investors, Bitcoin’s rebound above $83,300 offers a potential sign of recovery, but persistently weak U.S. buying demand suggests downside risks remain. Whether ETF inflows and broader demand strengthen could help determine if Bitcoin has established a lasting October bottom or faces further price pressure.
Be the first to comment