Bitcoin (BTC) has had a rough few months, but things might finally be looking up. After the Oct. 10 liquidation event sent the cryptocurrency tumbling, sustained selling pressure kept it sidelined while other assets rallied into year-end. Now, according to research from 10x Research, a handful of bullish signals suggest the worst may be over.

What's Been Holding Bitcoin Back

Here's the thing: Bitcoin's struggles haven't really been about valuation. The fundamentals weren't screaming "sell." Instead, it's been a capital flow problem. Investors simply rotated their money into whatever was working at year-end, leaving Bitcoin behind. Since the October crash, ETF outflows accelerated and market structure deteriorated further.

By late November, selling pressure looked technically exhausted, but no rebound materialized because there was no fresh demand waiting to step in. Bitcoin was stuck in neutral.

The Bullish Case Takes Shape

Now that year-end positioning is unwinding and new risk budgets are being allocated, 10x Research sees several indicators shifting in Bitcoin's favor. The most notable: the largest Bitcoin options expiration on record is approaching, with concentrated strike levels and elevated open interest that could trigger asymmetric price moves.

Historically, extreme caution heading into year-end often flips quickly once the calendar turns and capital gets redeployed. From a technical standpoint, Bitcoin appears to be transitioning from pure downside exhaustion toward a setup with growing upside potential.

Earlier forecasts expected volatility to stay compressed through year-end, keeping Bitcoin range-bound between $70,000 and $100,000 amid limited catalysts and a less dovish Federal Reserve. Bitcoin's underperformance also made it vulnerable to tax-loss selling, but that dynamic now appears largely complete.

With those headwinds fading, the focus is shifting toward identifying the right window to turn bullish and re-enter positions. The convergence of options positioning, compressed volatility, and technical exhaustion has historically preceded larger moves, and this time may be no different.