Bitcoin Fluctuates Near $85K as 'Uptober' Sentiment Takes Hold

Bitcoin began the month of October with a price swing, hovering near $85,000 after hitting resistance above that level and finding support near $83,500. According to Coinglass data, daily bitcoin liquidations plummeted to just $35 million as market volatility cooled. The price movement followed Wednesday's release of better-than-expected personal consumption expenditures (PCE) data.

The uptick near the $85,000 mark came just hours after bitcoin closed September with net gains, marking its second consecutive positive month. This rare winning streak has shifted market focus toward seasonal 'Uptober' sentiment, a historically bullish October trend for digital assets.

Prominent, pseudonymous quantitative analyst PlanB asserted that bitcoin remains 'extremely undervalued.' Citigroup has raised its 12-month Bitcoin price target to $113,000, forecasting $5 billion in net ETF inflows.