- Bitcoin trades near $84,500, up 2.5% in 24 hours, as the crypto market cap rose 2.6% to $2.82 trillion
- XRP led large caps with a 4.1% gain, while ZCash jumped 11.2%
- Brent crude near $108 and a 5.09% 10-year Treasury yield drove October’s selloff, and both eased slightly on Wednesday
- Bitcoin technical indicators still suggest caution, but prediction markets lean optimistically bullish
Bitcoin has rebounded to near $84,500, climbing 2.5% over 24 hours as the broader crypto market stabilizes after a mid-October selloff that pushed prices below $80,000. The total crypto market capitalization rose 2.2% to $2.9 trillion, with XRP gaining 4.1% and Zcash surging 11.2%.
Ethereum climbed 2.5% to $2,504, while Solana and BNB each added roughly 2%. The Crypto Fear & Greed Index rose to 55, up three points from yesterday, signaling neutral but improving sentiment.
October’s selloff was driven by Brent crude trading near $108 a barrel and the 10-year Treasury yield hitting 5.09%, though both eased slightly on Wednesday. Higher oil prices feed inflation, and U.S. consumer prices rose 3.7% in September from a year earlier, above the 3.6% economists expected, according to InvestingLive data.
The Federal Reserve’s benchmark rate sits at 3.75% to 4% after a September hike, with markets firmly expecting another hike on Dec. 9. Bitcoin technical indicators suggest caution, with the RSI at 58.5 and the 50-day EMA at $80,782 still above the 200-day EMA at $76,084.
Prediction markets lean bullish, with Myriad pricing the odds of Bitcoin touching $87,500 in October at 31%. The bullish scenario requires a daily close above $84,726, while a close below $81,603 would expose the 50-day EMA and the October low near $79,711.
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