The price of Bitcoin rebounded slightly to $109,600 after yesterday’s drop 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 into the historically stronger month of November.
Yesterday, Bitcoin fell more than 3% amid renewed risk appetite triggered by Federal Reserve Chair Jerome Powell’s aggressive comments on future rate cuts and renewed trade tensions between the United States and China.
The decline extended a weeklong decline that began after the Fed made a modest 25 basis point cut but signaled uncertainty for its December meeting.
The price of Bitcoin had a disappointing October
Bitcoin entered October with high hopes for “Uptober,” a seasonal trend historically associated with double-digit gains.
Earlier in the month, Bitcoin briefly touched $125,000, only to give back much of those gains amid macroeconomic jitters and sluggish institutional activity. On October 10, the price of bitcoin fell sharply from $117,000 to $108,000 as US-China trade tensions and new tariffs triggered a market-wide sell-off.
At its low that day, Bitcoin fell about 10% and other cryptocurrencies fell 20-40%, although they later rebounded to around $113,000 amid high volatility.
Strategy (MSTR), one of the largest Bitcoin accumulators, purchased just 778 BTC in October, down 78% from September, bringing its total holdings to over 640,000 BTC.
Altcoins have mirrored Bitcoin’s struggle this month. At times, Ethereum fell below $3,790, while Solana fell below $187. Despite the weakness, Bitcoin dominance remains stable at around 57%, suggesting the market is consolidating rather than capitulating.
Bitcoin Price Rebound in “Moonvember?”
Looking ahead, traders are turning their attention to the next month, November – sometimes nicknamed “Moonvember” – which historically follows October’s strong performance.
Despite macroeconomic pressures, some analysts see the potential for Bitcoin to return to all-time highs in 2026, assuming stable Fed guidance, renewed inflows and no new shocks.
That said, bitcoin has traded in an unusually tight range between $106,000 and $123,000 for over four months, pushing volatility to all-time lows, a pattern that historically precedes major trend moves.
If past fractals repeat themselves, Bitcoin could see significant gains towards $170,000-$180,000 by 2026, although sideways trades could persist until macro catalysts such as Fed rate cuts or capital rotation spur renewed volatility.