Bitcoin Hits Weekly High as Crypto Market Rebounds — SkimNews
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- Bitcoin traded near $84,500, up 2.5% in 24 hours, recovering from an October dip below $80,000 and reclaiming key support at $81,603.
- Crypto market cap rose 2.2% to $2.9 trillion, with XRP gaining 4.1%, Zcash surging 11.2% to $1,332, and Ethereum, Solana, and BNB posting gains between 2% and 2.5%.
- Brent crude eased slightly near $108 a barrel after swinging between $97 and $112 in October, reducing inflation-linked pressure that had driven earlier risk-asset selloffs.
- U.S. Treasury yields pulled back from highs as the 10-year note settled at 5.09%, down from peak levels that had drawn capital away from crypto and increased leveraged trading costs.
- Bitcoin’s technical indicators show a 58.5 RSI and 50-day EMA above the 200-day EMA, signaling early bullish momentum, though a daily close above $84,726 is needed to confirm trend strength.
- Prediction markets on Myriad assign a 31% chance of Bitcoin reaching $87,500 in October and 18% for a $90,000 touch, down from higher odds earlier in the month.
Why it matters: Traders are regaining confidence as Bitcoin holds above $81,600 and technical signals shift toward bullish momentum, but a break above $84,726 is required to confirm a resumption of the prior uptrend and justify higher price targets near $87,400.
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