Bitcoin rebounds to $83K after defying Black Monday predictions, with altcoins gaining as US futures markets open positively.
Macro & Markets ·
Bitcoin rebounded to $83,000 after falling to $80,500 on Sunday, reversing predictions of a market collapse following inflation data released the prior week. The rebound defied expectations of a significant downturn on Monday morning, as US futures markets opened in positive territory. Most altcoins also gained ground, with Ethereum holding above $2,400 and XRP trading near $1.32, while the overall crypto market cap reached $2.760 trillion.
Earlier concerns emerged after inflation and producer price announcements exceeded forecasts on October 14 and 15, triggering a sharp decline in risk assets. Bitcoin had dropped from above $84,000 to just under $80,000 within roughly 24 hours, followed by additional weakness through the weekend. A flash crash on Saturday evening intensified calls for a market downturn, prompting analysts to warn of a major pullback as trading resumed.
The recovery remained incomplete in scope: while Bitcoin gained over 1 percent on the day, several altcoins posted losses, including TIA and STRK. Whether the rebound signals a sustained recovery or reflects intraday volatility after days of pressure remains unclear.