Bitcoin Hits Weekly High as Crypto Market Rebounds — SkimNews
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- Bitcoin traded near $84,500 on Wednesday, up 2.5% over 24 hours after climbing about 6% from October’s low near $79,711.
- XRP gained 4.1% to $1.37, while Zcash rose 11.2% to $1,332 and added 15.3% over seven days, extending gains beyond Bitcoin.
- Crypto Fear & Greed Index read 55, remaining neutral despite a three-point daily increase; traders had stopped panicking but were not yet chasing prices.
- Brent crude traded near $108 after swinging between $97 and $112 this month; Brent and a 5.09% 10-year Treasury yield drove October’s crypto selloff before both eased slightly.
- Federal Reserve maintained its benchmark range at 3.75% to 4% after a September hike; CME FedWatch showed about 80% odds of an October 28 hold, while market pricing favored a December 9 hike.
- Bitcoin reclaimed $81,603 support and traded 4.6% above a 50-day EMA near $80,782 that remained above the 200-day near $76,084; RSI was a non-overbought 58.5 as price pressed toward $87,422.70 resistance.
- Myriad traders assigned Bitcoin a 31% chance of touching $87,500 in October, down from 45% on October 12, while a $90,000 touch was priced at 18%.
Why it matters: For Bitcoin holders, trading above $81,603 with the 50-day EMA at $80,782 above the 200-day at $76,084 preserves the bullish structure; a close below support would expose $80,782 and then $79,711. Myriad’s 31% odds for an October $87,500 touch, down from 45%, show the rebound has not secured a breakout.
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