Bitcoin price has rebounded slightly to $109,600 after yesterday’s dip to $106,000, ending what has been a tumultuous October for bitcoin.
Traders are now cautiously optimistic as the market transitions from the failed “Uptober” rally to the historically stronger month of November.
Yesterday, Bitcoin tumbled over 3% amid renewed risk-off sentiment sparked by Federal Reserve Chair Jerome Powell’s hawkish comments on future rate cuts and renewed U.S.–China trade tensions.
The dip extended a week-long decline that began after the Fed delivered a modest 25 basis point cut but signaled uncertainty for December’s meeting.
Bitcoin price had a disappointing October
Bitcoin entered October with high hopes for “Uptober,” a seasonal trend historically associated with double-digit gains.
Early in the month, Bitcoin briefly touched $125,000, only to give back much of those gains amid macroeconomic jitters and slow institutional activity. On October 10, the bitcoin price dropped sharply to the $108,000 range from $117,000 as the U.S.-China trade tensions and new tariffs triggered a market-wide sell-off.
At its lowest, Bitcoin fell about 10% on that day and other cryptocurrencies dropped 20–40%, though it later rebounded to around $113,000 amid high volatility.
Strategy (MSTR), one of the largest Bitcoin accumulators, bought just 778 BTC in October — down 78% from September — bringing its total holdings to over 640,000 BTC.
Altcoins mirrored Bitcoin’s struggle this month. At times, Ethereum fell below $3,790, while Solana dipped under $187. Despite the weakness, Bitcoin dominance remains steady at roughly 57%, suggesting the market is consolidating rather than capitulating.
Bitcoin price rebound in ‘Moonvember?’
Looking ahead, traders are turning their attention to next month, November — sometimes nicknamed “Moonvember” — which historically follows strong October performances.
Despite macroeconomic pressures, some analysts see potential for Bitcoin to retest all-time highs going into 2026, assuming stable Fed guidance, renewed inflows, and no new shocks.
That being said, bitcoin has traded in an unusually tight range between $106,000 and $123,000 for over four months, pushing volatility to record lows, a pattern that historically precedes major trending moves.
If past fractals repeat, Bitcoin could see significant gains toward $170,000–$180,000 by and through 2026, though sideways trading may persist until macro catalysts like Fed rate cuts or capital rotation spur renewed volatility.
Source: https://bitcoinmagazine.com/markets/bitcoin-price-109000-traders-eye-bounce
