Bitcoin kicked off October on a weak note, briefly falling below the $60,000 mark, which has led to a significant liquidation of bullish positions amounting to $144 million. Historically, October is considered a strong month for Bitcoin, typically posting gains averaging 22% since 2013. Despite this trend, social sentiment on platforms like X indicates a bearish outlook regarding Bitcoin's recovery. Rising oil prices and geopolitical tensions in the Middle East are shifting investors' focus towards commodities like oil and gold, which impacts risk assets such as Bitcoin.

BTC is trading at around $61,300, remaining stable over the past day amidst a volatile trading session in the U.S. Other cryptocurrencies like Ether (ETH), BNB, and XRP experienced losses of up to 2%, while dogecoin saw a 2% increase without any clear catalyst.

Data points to a historical pattern where Bitcoin tends to gain momentum in the latter part of October, with the first week generally being bearish. The second and third weeks often see significant price jumps, sometimes exceeding 16% after mid-October, suggesting potential optimism for Bitcoin as the month progresses.