Bitcoin’s $83,000 rebound explained
Bitcoin briefly topped $83,000 on October 9 after sliding below $81,000. Here is what drove the sharp rebound.
The main trigger was politics. President Trump said the US will not strike Iran before the November 3 midterms. The statement eased fears of a supply shock and calmed markets. Bitcoin rose alongside stocks as risk appetite returned.
The bounce came despite heavy institutional selling. US spot bitcoin ETFs saw $244 million in outflows on October 8. Across October 7 and 8, outflows totalled $729 million. Fidelity’s FBTC led the withdrawals. Bitcoin traded near $82,500 during the session, briefly touching $83,226. Ether held near $2,478, down about 9 percent on the week.
Analysts watch $82,500 as a key level. QCP Capital expects bitcoin to trade between $80,000 and $90,000 in the fourth quarter. Ether traded near $2,478. Whether the recovery holds depends on Fed policy and Treasury yields. Traders remain cautious about weekend moves.
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