Bitcoin price is up slightly to $109,600 after yesterday’s plunge 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 Chairman Jerome Powell’s hawkish comments about future rate cuts and renewed trade tensions between the US and China.
The plunge extended a week-long slide that began after the Fed delivered a modest 25 basis point cut, but signaled uncertainty ahead of 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 this 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 fell sharply to the $108,000 range from $117,000 as US-China trade tensions and new tariffs triggered a market-wide selloff.
At its lowest, Bitcoin fell about 10% that day and other cryptocurrencies fell 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 – a 78% drop from September – bringing its total holdings to over 640,000 BTC.
Altcoins mirrored Bitcoin’s struggles this month. At times, Ethereum fell below $3,790, while Solana dipped below $187. Despite the weakness, Bitcoin dominance remains stable at around 57%, suggesting the market is consolidating rather than capitulating.
Bitcoin Price Rise in ‘Moonvember?’
Looking ahead, traders are turning their attention to next month, November — sometimes called “Moonvember” — which historically follows strong October performances.
Despite macroeconomic pressures, some analysts see potential for Bitcoin to test all-time highs into 2026, assuming stable Fed guidance, renewed approach 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 record lows, a pattern that historically precedes major trend moves.
If past fractals repeat, Bitcoin could see significant gains towards $170,000-$180,000 through 2026, although sideways trading may continue until macro catalysts like Fed rate cuts or capital rotation spur renewed volatility.