Crypto Markets Shake But ’Uptober’ Momentum Continues Unbroken - Here’s Why

Market tremors fail to derail crypto's October surge as analysts spot underlying strength.

The Resilience Factor

Volatility shakes weak hands from the market while institutional money keeps flowing beneath the surface. Trading desks report steady accumulation during every dip—smart money isn't spooked by temporary turbulence.

Technical Foundations Hold

Key support levels defended themselves like digital fortresses. Bitcoin's 200-day moving average? Untouched. Ethereum's merger momentum? Still charging forward. The charts whisper what the headlines shout over—this isn't 2018 anymore.

Institutional Adoption Accelerates

BlackRock's ETF filings didn't vanish when markets wobbled. Goldman's crypto desk still answers calls. The traditional finance invasion continues—they're just getting better entry prices thanks to retail panic.

The Seasonal Pattern Plays Out

October's historical bullishness isn't some crypto superstition—it's quantifiable pattern recognition. Tax-loss harvesting completes, portfolio rebalancing begins, and year-end positioning kicks in. The machines know the calendar too.

So while CNBC anchors hyperventilate over 5% swings, the real story unfolds in wallet addresses and chain activity. The crypto revolution continues—it just occasionally pauses to shake out tourists who thought this was get-rich-quick scheme. Because nothing says 'mature asset class' like watching hedge fund managers rediscover volatility exists.

Key takeaways

Is ‘Uptober’ still on track despite the recent crash?

Key data shows that bullish momentum remains intact after the record liquidation.

What external events are supporting crypto market confidence?

New York City’s crypto office, potential Fed rate cuts, and easing trade tensions are helping.

The recent crash looked like it pummeled ‘Uptober’ to the ground, but it looks like that’s not the case.

With bullish patterns holding strong, key metrics flashing green, and New York City stepping up its crypto game with a major new initiative, the market’s mood is shifting from hopeful to confident.

Markets wobble, but bulls hold the line

The crypto market faced its biggest liquidation event in history last week. Yet surprisingly, it didn’t break.

Market analyst Scott Melker said in an X post,

“After the largest liquidation in crypto history, I expected October to be DEEP in the red. Somehow, it’s still holding on. Which honestly feels like a small miracle.”

Melker explained that the recent downturn wasn’t driven by fear or market sentiment, as seen during the 2017 and 2021 crashes. Instead, he described it as a “purely structural” shakeout, one that forced the market to pause and reassess risk.

He pointed to several developments that signal growing confidence and long-term commitment to the crypto space. Public companies are continuing to add Bitcoin to their balance sheets, showing institutional conviction. 

Luxembourg has made a historic MOVE within the Eurozone, advancing crypto regulation. The CME is preparing to offer 24/7 crypto trading, reflecting rising demand for constant market access.

At the same time, stablecoin issuers are experiencing rapid growth, U.S. states are exploring ways to buy and hold Bitcoin, and the S&P is working on a dedicated crypto index. 

According to Melker, these are signs that the so-called “smart money” isn’t exiting the market, it’s actively building the infrastructure for the next phase of growth.

And now? The rebound in market cap, rising Gold prices, and steady institutional interest indicate that the bulls aren’t backing down just yet.

The stars align

One of the biggest confidence boosts this month came from New York City’s bold move to create the nation’s first Office of Digital Assets and Blockchain under Executive Order 57.

Mayor Eric Adams, often dubbed the “Bitcoin Mayor,” says the initiative is about “embracing the technologies of tomorrow” while expanding financial access.

Serious institutions are leaning into crypto, not away from it.

Source: nyc.gov

Meanwhile, the scheduled Trump-Xi meeting on trade could ease investor anxiety, and talk of Fed rate cuts is lifting market sentiment. Add in gold’s rally and ongoing “debasement trade” narratives… ‘Uptober’ still has plenty of fuel.

‘Uptober’ is still alive!

October has delivered an average 20% gain for Bitcoin [BTC], and current data shows that Optimism may not be misplaced.

Source: CoinGlass

The aggregated Open Interest was steady NEAR $33.7 billion after the massive flush-out, so leverage is rebuilding in a healthier way. Meanwhile, BTC traded around $112K with support forming near the 100-day EMA, at press time.

Source: Coinalyze

Indicators like the RSI showed that bitcoin wasn’t overheated, leaving room for upside. With historical seasonality on its side and market structure stabilizing, ‘Uptober’ may once again live up to its bullish reputation.

Source: TradingView

Perhaps it’s just taking a slower, steadier route this time.