Bitcoin Bounces to $83,591 After $80,953 Dip as Traders Await CPI Report
Bitcoin rebounds from $80,953 to $83,591
Bitcoin slid to $80,953.41 early Tuesday, October 14, then reversed sharply to close at $83,591.79, up 2.24% on the day. The dip extended a Monday sell-off that had wiped out half of Bitcoin's September gains.
The bounce came after a week that some traders described as a shift from "Uptober" optimism to "spooky season" caution, as Bitcoin's price fell from its September highs.
Key numbers
- Today's low of $80,953.41 sat about $588 above the $80,365.12 swing low that started the latest rally, a higher low traders see as a sign of uptrend strength.
- Bitcoin also reclaimed the Fibonacci "golden zone" between $81,847.57 and $82,305.50, an area where pullbacks within uptrends often draw buyers.
- Net outflows from Bitcoin ETFs (exchange-tracked funds that track Bitcoin's price without requiring holders to buy the coin directly) totaled $386.3 million in October so far.
- The Crypto Fear and Greed Index reads 56, a neutral score, down from an "extreme greed" peak of 82 on August 26.
Technical indicators show a trend still standing but losing pace
Several indicators show the uptrend is still intact but cooling down. The Average Directional Index (ADX), a tool that measures how strong a trend is, reads 29.9 with buyers in control — above the 25 threshold that confirms a trend, but down from 42.8 on October 7.
The 50-day exponential moving average remains above the 200-day average, a pattern called a golden cross that traders interpret as a sign the long-term uptrend is still in place.
The Relative Strength Index (RSI), a momentum gauge on a 0-to-100 scale, sits at 53.4, just above the midpoint that separates bullish from bearish momentum.
The Squeeze Momentum Indicator has been active for seven trading sessions, which signals that volatility is compressed and a larger move may come soon. Its current reading of −0.52 leans slightly bearish.
Prediction market odds edge slightly higher
On Myriad, a prediction market built by Decrypt's parent company Dastan, traders gave 54% odds that Bitcoin drops to $80,000 this month — down from 56% on Monday. The market for Bitcoin reaching $87,500 in October holds at 45%.
The modest improvement in odds suggests sentiment has ticked up slightly, even if traders remain cautious.
Wednesday's CPI report is the next test
The Consumer Price Index report, released Wednesday, is expected to show annual inflation rising to 3.6% from 3.4%. If the number comes in hotter than expected, it would strengthen bets on higher interest rates, which would likely pressure Bitcoin's price.
The Federal Reserve meets October 27–28, adding another near-term catalyst for the market.
What price levels to watch
A daily close above $84,245.88 would open the path to $86,644.19 and then $87,422.70, about $77 short of Myriad's $87,500 line. On the downside, losing $81,603.02 would bring the upper edge of the daily trend band into play just above $80,000. A close below that level would expose $77,500.
Until Wednesday's CPI print, the compressed volatility suggests the market is coiling rather than choosing a direction. Oil and Iran headlines, Treasury yields, and daily ETF flows remain the short-term catalysts to watch.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.