Bitcoin (BTC) Hits Weekly High Near $85K in October Rebound

Update 23:32 UTC: The analyst upgrades came ahead of Strategy's quarterly earnings, and Clear Street lifted its MSTR target to $211 while Cantor Fitzgerald raised its to $208, both keeping positive ratings.

Bounce From the $79,700 Low

Bitcoin (BTC) spent the first half of October handing back its gains, and the slide carried the asset below $80,000 mid-month, territory it had left behind on the run that peaked near $87,400 in September. A start like that tests the conviction of anyone living by the HODL rule, and the market spent two weeks waiting for a reason to buy. The reason arrived this week. The Bitcoin price now trades near $84,778, up 2.7% over 24 hours and at its highest level of the week, after recovering roughly 6% from the October low near $79,711. Wednesday's daily candle opened at $82,928.80 and has gained 1.94% so far. The last time the asset held this area was before Oct. 7, when it first touched $84,600 on a SpaceX earnings beat. Bitcoin had not traded at these levels since that session, so the recovery marks a change of regime rather than a one-day spike. The rebound is broad rather than Bitcoin-specific, too. Total crypto market capitalization rose 2.6% to $2.82 trillion, with Ethereum up 2.5% at $2,504, Solana up 2.2% at $108.18 and BNB up 2% at $749. XRP outpaced the other large caps, gaining 4.1% to $1.37, while Zcash jumped 11.2% to $1,332 and has added 15.3% over seven days. That rotation into altcoins, a pattern strict Bitcoin maximalism tends to distrust, is itself a familiar marker of risk appetite returning. The slide did real damage: short-term whale profit fell 53% to $4.6 billion at the lows, and the week's advance has begun to repair it. Even so, the pullback stopped short of levels that would reopen a broader bear-market debate. The selloff generated plenty of FUD, yet October's reputation as the market's strongest month survived the first half intact.

The bounce is reaching the corporate treasury buyers that amplify it. Strategy (MSTR) closed up more than 7% at $153.48 on Wednesday and Strive (ASST) surged more than 13% to $30.75, following gains of roughly 5% and 6% respectively on Tuesday. Both companies added to their stacks last week: Strategy bought 267 Bitcoin (BTC) for about $22.1 million at an average $82,900 by 15:50 UTC, a later reading than the $80,000 level cited earlier, between Oct. 12 and Oct. 18, lifting its holdings to 848,517 BTC, and also expanded its digital credit repurchase authorization from $2 billion to $3 billion after buying back roughly $193.1 million of STRC preferred shares. Strive purchased 4,045 BTC over the same window, bringing its total to 36,818 BTC, and raised $630 million through a 7 million share preferred placement at $90 before launching its new Series A perpetual preferred stock under the ticker SATS.

The analyst upgrades came ahead of Strategy's quarterly earnings, and Clear Street lifted its MSTR target to $211 while Cantor Fitzgerald raised its to $208, both keeping positive ratings. Roughly $1.16 billion of the enlarged digital credit authorization remains untapped. Strategy, which holds more than $71 billion in bitcoin, funded most of last week's 267 Bitcoin (BTC) purchase by selling 140,872 common shares, per the filing. The rally also repaired a rough stretch: MSTR slumped near $82 this summer when its treasury went underwater, and the stock is now up about 1% for 2026. One overhang persists. MSCI approved rules this month that could push investment-heavy companies like Strategy out of its indexes, news that knocked MSTR down 10.5% at the time, with the final affected list due Nov. 11 and removals effective after the close on Nov. 30.

Brent Crude Near $108 Eases the Pressure

The rebound has a macro backdrop that turned less hostile this week. Brent crude, the global oil benchmark, ranged from $97 to $112 a barrel during the selloff and traded near $108 on Wednesday, when it eased slightly alongside the 10-year Treasury yield, which had touched 5.09%. The chain connecting oil to crypto runs through inflation: official September CPI data put U.S. consumer prices 3.7% higher than a year earlier, beating the 3.6% forecast and accelerating from August's 3.4% print. Rising inflation pushes Treasury yields up, and the return investors require before lending to the U.S. government matters here: bonds paying more than 5% with virtually no default risk draw capital away from stocks and crypto, while making the leverage behind margined trades more expensive to carry. The war with Iran has kept supply fears alive throughout, and Washington turned down an Iranian proposal to reopen the Strait of Hormuz in late September. Neither driver has gone away; both have simply stopped rising for now. The Fed's benchmark rate stands at 3.75% to 4% following September's hike, and futures pricing gives roughly an eight-in-ten chance of a hold on Oct. 28, with a further hike firmly expected on Dec. 9. So the rate path has not turned friendly; it has merely stopped worsening, which is enough for now. Sentiment followed price with a lag: the Fear & Greed Index read 55 earlier on Wednesday, three points above the prior day, a number that describes traders who have stopped panicking without starting to chase. Prediction markets look further ahead. On Myriad, the chance of an October touch of $87,500 stands at 31%, down from 45% on Oct. 12, while a $90,000 touch is priced at 18%. The market, in other words, gives the rebound credit but not full belief.

Support Stacks at $80,902

Our composite scoring frames the move as an uptrend, though resistance sits close overhead. The strongest support sits at $80,903, where Bollinger Band Lower, EMA 50 and Fibonacci references converge for a score of 94/100, and a second strong band at $82,420 scores 90/100. The nearest resistance at $84,563, where R2, Fibonacci and swing high references meet, scores 92/100, with a second band at $87,242 holding an 80/100 score. The RSI reads 57.79, buyers keep the momentum edge, and the MACD signal has turned bearish on our Bitcoin technical analysis. Positioning looks constructive rather than euphoric: perp funding runs at 0.0022%, open interest stands near $17.1 billion, and the long/short account ratio sits at 1.10. Sentiment reads 63/100, in greed territory. The advance needs a daily close above the $84,563 band, then above $87,242, to press toward the weaker ceilings near $89,439 and $91,578, which score 43/100 and 20/100. The reading holds while price keeps the $80,903 support; a daily close back under it, or under the $77,267 level, would put the week's gains in question (as of 23:32 UTC).