Bitcoin climbed to around $83,800 on Monday, October 12, rebounding from last week’s dip toward $80,000. The rise came alongside modest gains in major cryptocurrencies, though the recovery remains cautious due to a stronger US dollar, higher Treasury yields, and uncertainty over Federal Reserve interest rate policies. Investors are now looking ahead to the US consumer price index (CPI) data due on Wednesday, October 14, which could shape expectations for interest rates and influence risk-sensitive assets like cryptocurrencies.
Bitcoin rose by 0.9% to approximately $83,700, while Ethereum gained 1.2% to trade near $2,540. Other altcoins like XRP, Solana, Avalanche, Chainlink, BNB, Dogecoin, and Cardano also posted gains. However, a few large-cap tokens, including Tron, traded lower. Analysts noted that Bitcoin’s consolidation around $83,600 reflected weak buying volume during weekend trading, and the Crypto Fear and Greed Index fell to 58, indicating a more neutral market sentiment.
The rebound follows last week’s selling and liquidations in leveraged crypto positions. Reports of an energy ceasefire between Russia and Ukraine provided some support, though institutional flows remain mixed. US spot Bitcoin ETFs recorded net inflows of $21.1 million on October 9, while Ethereum ETFs saw net outflows of $56.1 million. Analysts highlighted elevated Treasury yields and geopolitical factors as key influences on market sentiment.
Analysts are watching the $82,000, $83,000 range as near-term support for Bitcoin, with $84,000, $85,000 serving as a key resistance zone. Ethereum’s immediate resistance is seen at $2,565, $2,600, with support at $2,515, $2,525. The next major macroeconomic trigger for digital assets is the US inflation report due on October 14, which could impact market sentiment depending on the outcome.