Bitcoin briefly surged to nearly $87,000 in October before dropping below $80,000, weighed down by hotter-than-expected US inflation and a 7%+ crash in South Korea’s KOSPI index. Three factors support a quick rebound: October has historically been one of Bitcoin’s best months (only 3 red Octobers in 13 years); large addresses accumulated an additional 16,010 BTC (worth nearly $1.3 billion) during the drop from $87K to $80K; and Bitcoin has consistently rallied after each of the last four US CPI releases. Analysts identify major bid zones between $75,000 and $80,000 and a key level at $84,000 (50 SMA).
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