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Bitcoin Heads for Another October Loss
Bitcoin is experiencing its second consecutive losing October, down 3.3% as of October 28, with a price drop from $83,570 in September to around $81,350. Demand for Bitcoin has weakened significantly, with the 30-day apparent demand metric showing a negative trend and the Coinbase Premium indicating reduced buying activity in the U.S. Bitcoin is nearing critical support levels, including the 365-day moving average at approximately $77,585, with a sustained drop below these levels potentially leading to losses for recent buyers.