Bitcoin's price has shown a slight rebound, reaching $109,600 after a dip to $106,000, signaling the end of a challenging October for the cryptocurrency. Traders are now shifting from the disappointment of a failed “Uptober” rally to a cautiously optimistic outlook for November, a month historically known for stronger performance.

October proved to be a tumultuous period for Bitcoin, which had entered the month with high expectations for “Uptober,” a seasonal trend typically associated with double-digit gains. Early in the month, Bitcoin briefly surged to $125,000 but quickly gave back much of these gains amidst escalating macroeconomic jitters and subdued institutional activity. A significant drop occurred on October 10, when Bitcoin's price sharply fell from $117,000 to the $108,000 range due to renewed U.S.-China trade tensions and new tariffs, triggering a broader market sell-off. At its lowest point on that day, Bitcoin dropped approximately 10%, while other cryptocurrencies saw declines of 20–40%, though Bitcoin later recovered to around $113,000 amid high volatility.

The week-long decline was exacerbated by hawkish comments from Federal Reserve Chair Jerome Powell regarding future rate cuts and the aforementioned U.S.–China trade tensions. This risk-off sentiment emerged after the Fed delivered a modest 25 basis point rate cut but indicated uncertainty about December's meeting. Even major Bitcoin accumulators like MicroStrategy (MSTR) reduced their purchases significantly in October, acquiring only 778 BTC—a 78% decrease from September—bringing their total holdings to over 640,000 BTC.

Altcoins largely mirrored Bitcoin’s struggles throughout October. Ethereum experienced dips below $3,790, and Solana fell under $187. Despite this widespread weakness, Bitcoin's dominance in the market remained steady at approximately 57%, suggesting a phase of consolidation rather than capitulation across the cryptocurrency landscape.

As the market transitions into November, often dubbed “Moonvember” for its historical strength, traders are focusing on the potential for recovery. Despite ongoing macroeconomic pressures, some analysts foresee Bitcoin retesting its all-time highs as it moves into 2026, contingent on stable Fed guidance, renewed capital inflows, and the absence of new market shocks. Bitcoin has been trading within an unusually tight range of $106,000 to $123,000 for over four months, pushing volatility to record lows. This pattern has historically preceded major trending moves.

If historical fractals repeat, Bitcoin could experience significant gains, potentially reaching $170,000–$180,000 by and through 2026. However, sideways trading may persist until clear macro catalysts, such as definitive Fed rate cuts or a rotation of capital into digital assets, spur renewed volatility and drive the market forward.