Bitcoin price has rebounded slightly to $109,600 after falling to $106,000 yesterday, ending a tumultuous October for Bitcoin.
Traders are now cautiously optimistic as the market moves from a failed Uptober rally to a historically strong November.
Bitcoin fell more than 3% yesterday on renewed risk-off sentiment sparked by Federal Reserve Chairman Jerome Powell’s hawkish comments about future interest rate cuts and a flare-up in U.S.-China trade tensions.
The decline widened a week-long slide that began after the Federal Reserve cut interest rates modestly by 25 basis points but signaled uncertainty about its December meeting.
Bitcoin price was disappointing in October
Bitcoin entered October with high hopes for an “uptober,” a seasonal trend that historically involves double-digit gains.
Earlier this month, Bitcoin briefly reached $125,000, only to give back most of its gains amid macroeconomic turmoil and slowing institutional investor activity. Bitcoin prices plummeted from $117,000 to the $108,000 range on October 10, as U.S.-China trade tensions and new tariffs caused a market-wide decline.
Bitcoin fell by around 10% to its lowest point that day, and other cryptocurrencies also fell by 20% to 40%, but has since recovered to around $113,000 amid increased 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 mirrored Bitcoin’s struggles this month. Ethereum at one point fell below $3,790, and Solana at times fell below $187. Despite the weakness, Bitcoin’s dominance has remained steady at around 57%, suggesting the market is consolidating rather than capitulating.
Will Bitcoin price rebound due to “Moonvember”?
Looking ahead, traders are keeping an eye on next month, November (also known as the “Moonvember”). The month follows a historically strong performance in October.
Despite macroeconomic pressures, some analysts believe Bitcoin could retest all-time highs heading into 2026, assuming stable Fed guidance, new capital inflows, and no new shocks.
That said, Bitcoin has been trading in an unusually narrow range between $106,000 and $123,000 for more than four months, pushing volatility to record lows, a pattern that historically precedes major trend moves.
If past fractals repeat, Bitcoin could see a significant rally toward $170,000-180,000 by 2026, but could continue to trade sideways until macro factors such as Fed rate cuts or capital rotations stimulate new volatility.
