Bitcoin remained under pressure on Monday, slipping below $83,000 as rising oil prices and geopolitical tensions weakened investor confidence. Deadly attacks in Saudi Arabia over the weekend added to market uncertainty, limiting demand for risk-sensitive assets such as cryptocurrencies.
The world’s largest cryptocurrency declined 0.4% to $82,796.20 by 09:51 ET (13:51 GMT). Bitcoin had already lost approximately 2% during the previous week, partly due to withdrawals from US-listed spot Bitcoin exchange-traded funds (ETFs).
Meanwhile, the broader cryptocurrency market showed limited movement, extending its relatively weak start to October.
Bitcoin Price Struggles as Oil Climbs Above $106
Bitcoin and other major cryptocurrencies traded cautiously as oil prices climbed above $106 per barrel following deadly weekend attacks on Riyadh’s international airport.
Higher energy prices have increased concerns about inflation and global economic stability. Consequently, investors have become more cautious about holding riskier assets, including cryptocurrencies.
However, oil’s upward momentum initially eased after US President Donald Trump announced an energy-related ceasefire between Russia and Ukraine.
The announcement raised hopes that disruptions to global energy supplies could diminish if tensions between Moscow and Kyiv begin to ease.
Neither Russia nor Ukraine had formally confirmed the proposed ceasefire at the time of the announcement. Nevertheless, Washington was reportedly increasing pressure on Kyiv to accept an agreement, encouraging speculation about a potential peace deal.
Oil prices initially declined following Trump’s comments. However, they subsequently recovered as investors assessed the Saudi Arabian attacks and potential supply disruptions in the Middle East and along the US Gulf Coast.
These developments kept Bitcoin under pressure as traders continued to monitor geopolitical risks and energy market volatility.
Spot Bitcoin ETFs Record Largest Weekly Outflows Since June
US spot Bitcoin ETFs experienced substantial investor withdrawals during the first full trading week of October.
According to the latest figures, net outflows reached approximately $681 million in the week ending October 9, marking the largest weekly withdrawals since late June.
The selling pressure followed Bitcoin’s strong performance during the third quarter, prompting some investors to secure profits rather than increase their exposure.
These outflows have contributed to Bitcoin’s lackluster performance at the beginning of October.
Historically, however, October has often been a favorable month for Bitcoin. Cryptocurrency investors commonly refer to this seasonal tendency as “Uptober,” reflecting the asset’s history of positive monthly returns.
Despite this historical pattern, the latest ETF withdrawals suggest that institutional demand has weakened in the near term.
Whether Bitcoin can recover its momentum may depend on renewed ETF inflows, improving market sentiment and developments in global financial markets.
Strategy Expands Bitcoin Holdings With $21.5 Million Purchase
Meanwhile, Bitcoin treasury company Strategy continued accumulating the cryptocurrency despite recent market weakness.
The company announced on Monday that it purchased another 250 Bitcoin between October 5 and October 11.
The acquisition cost approximately $21.5 million, representing an average purchase price of $86,194 per Bitcoin.
Following the transaction, Strategy’s total Bitcoin holdings increased to 848,250 BTC, valued at approximately $70.6 billion at the reported market price.
Company co-founder and executive chairman Michael Saylor revealed that Strategy’s average acquisition cost stood at $75,444 per Bitcoin.
Including transaction fees and related expenses, the company’s total investment in Bitcoin has reached approximately $64 billion.
The latest purchase reinforces Strategy’s long-term commitment to Bitcoin accumulation, even as short-term market conditions remain uncertain.
Cryptocurrency Market Today: Ethereum Gains as Altcoins Trade Sideways
Most major altcoins recorded relatively modest price changes on Monday, reflecting Bitcoin’s subdued performance.
Ethereum, the world’s second-largest cryptocurrency by market capitalization, gained 1.2% to trade around $2,532.45.
Meanwhile, XRP declined 0.7%, while Solana, Cardano and BNB remained broadly unchanged.
Meme cryptocurrencies showed slightly stronger performance. Dogecoin advanced 0.4%, while the TRUMP token climbed 2.4%.
Overall, cryptocurrency markets remained cautious as investors weighed rising energy prices, geopolitical uncertainty and continued selling pressure from Bitcoin ETFs.
Looking ahead, Bitcoin’s ability to reclaim the $83,000 level could depend on improvements in risk appetite and a recovery in institutional demand.
Until then, movements in oil prices and broader financial markets are likely to remain important influences on cryptocurrency investor sentiment.
