Bitcoin price has recovered 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 turns from the failed “Uptober” rally to the historically strongest month of November.
Yesterday, Bitcoin fell more than 3% amid renewed risk-off sentiment sparked by Federal Reserve Chair Jerome Powell’s hawkish comments on future rate cuts and renewed trade tensions between the United States and China.
The drop extended a weeklong decline that began after the Federal Reserve made a modest 25 basis point cut, but signaled uncertainty for the December meeting.
Bitcoin price 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 to the $108,000 range from $117,000, as US-China trade tensions and new tariffs triggered a market-wide sell-off.
At its lowest point, Bitcoin fell around 10% that day and other cryptocurrencies fell between 20% and 40%, although it later recovered 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 mirrored Bitcoin’s struggle this month. At times, Ethereum fell below $3,790, while Solana fell below $187. Despite the weakness, Bitcoin’s dominance remains stable at around 57%, suggesting the market is consolidating rather than capitulating.
Bitcoin Price Rebound on ‘Moonvember?’
Looking ahead, traders are focusing their attention on the next month, November (sometimes nicknamed “Moonvember”), which historically follows strong results in October.
Despite macroeconomic pressures, some analysts see potential for Bitcoin to retest all-time highs through 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 more than four months, driving volatility to all-time lows, a pattern that historically precedes major trend moves.
If past fractals repeat, Bitcoin could post significant gains towards $170,000-$180,000 by 2026 and into 2026, although sideways trading may persist until macro catalysts such as Federal Reserve rate cuts or capital rotation spur new volatility.
