Bitcoin Surges to $85K as 'Uptober' Sentiment Takes Hold

Bitcoin's price has rebounded to above $85,000, marking the start of 'Uptober', a historically bullish period for digital assets. The cryptocurrency's price movement followed the release of better-than-expected personal consumption expenditures (PCE) data on Wednesday. Bitcoin closed September with net gains, its second consecutive positive month, and market focus has shifted toward the potential for a strong October.

After initially sliding from $84,410 to $83,500, bitcoin found strong support at the $83,500 threshold. The cryptocurrency then rallied to $84,300 before plunging to just above $83,200. It began a steady rise, reclaiming and losing $84,000 several times during a volatile period.

At 1:45 p.m. EST, bitcoin's price hovered near $85,000, showing a 1% gain over the past 24 hours. Liquidations across the cryptocurrency market reached $193 million, with long positions accounting for 60% of total liquidations.

Citigroup has revised its 12-month price target for bitcoin to $113,000 from $82,000, citing accelerating crypto market activity, a favorable macroeconomic environment, and resuming bitcoin exchange-traded fund (ETF) inflows.