Bitcoin price holds near $109,000 as traders eye a November rebound.
The price of Bitcoin fell to $106,000 yesterday before rebounding slightly to $109,600, ending a tumultuous October for Bitcoin.
Traders are now cautiously optimistic as the market transitions from a failed “Uptober” rally to a historically stronger November.
Yesterday, Bitcoin fell more than 3% on renewed risk aversion triggered by Federal Reserve Chairman Jerome Powell’s hawkish comments on future interest rate cuts and renewed trade tensions between the US and China.
The decline extended a week-long decline that began after the Federal Reserve cut rates by a modest 25 basis points but signaled uncertainty about its 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 this month, Bitcoin briefly reached $125,000, but has given back most of those gains amid macroeconomic uncertainty and slow institutional activity. On October 10, the price of Bitcoin plummeted to a range of $117,000 to $108,000 as US-China trade tensions and new tariffs sparked a market-wide sell-off.
At that day’s low, Bitcoin fell about 10%, with other cryptocurrencies also falling 20-40%, but later rebounded to around $113,000 amid high volatility.
Strategy (MSTR), one of the largest Bitcoin hoarders, purchased 778 BTC in October, a 78% decrease from September, bringing its total holdings to over 640,000 BTC.
Altcoins have mirrored Bitcoin’s struggles this month. At times, Ethereum fell below $3,790 and Solana fell below $187. Despite these weaknesses, Bitcoin dominance remains steady at around 57%, suggesting that the market is consolidating rather than capitulating.
Bitcoin price rebound due to ‘Moonbenber’?
Looking ahead, traders are turning their attention to November (sometimes called “Moonvember”), the month following a historically strong October.
Despite macroeconomic pressures, some analysts see Bitcoin as likely to retest its all-time highs in 2026, assuming stable guidance from the Federal Reserve, no new inflows, and no new shocks.
That said, Bitcoin has been trading in an unusually narrow range between $106,000 and $123,000 for over four months, pushing volatility to record lows. This is a pattern that historically precedes major trend movements.
If past fractals repeat, Bitcoin could see significant gains, reaching $170,000 to $180,000 by 2026, but sideways trading could continue until a macro catalyst such as a Federal Reserve interest rate cut or capital circulation triggers new volatility.
