Bitcoin climbed to around $84,500 on Wednesday, marking a weekly high as digital assets recovered from a mid-October decline that briefly pushed the largest cryptocurrency below $80,000. The wider crypto market also advanced, although technical signals and the latest market data show that the rebound remains fragile.
According to Decrypt, Bitcoin was up 2.5% over 24 hours, while total crypto-market capitalization increased 2.6% to $2.82 trillion. XRP rose 4.1%, and Zcash gained 11.2%. Ethereum traded 2.5% higher at $2,504, Solana added 2.2% to $108.18 and BNB increased 2% to $749. XRP reached $1.37, while Zcash climbed to $1,332 and had gained 15.3% over the previous seven days.
The move offered some relief after a difficult start to October. Bitcoin had fallen to an intramonth low near $79,711 before recovering by roughly 6%. The Crypto Fear & Greed Index, which measures sentiment on a scale from 0 to 100, stood at 55. A reading of 0 represents extreme fear and 100 represents extreme greed. The latest level is classified as neutral and was three points higher than the previous day, suggesting that panic had eased without turning into aggressive buying.
Why markets have been under pressure
The October selloff has taken place against a difficult backdrop for risk assets. Brent crude, the global oil benchmark, traded near $108 a barrel on Wednesday after moving between $97 and $112 during the month. Oil prices had been supported by concerns about supply, including tensions involving Iran and uncertainty surrounding the Strait of Hormuz. Both oil and U.S. Treasury yields eased slightly on Wednesday, helping the broader market rebound.
Energy prices matter to crypto markets because they can add to inflation pressures. U.S. consumer prices rose 3.7% in September from a year earlier, above the 3.6% economists had expected and higher than August’s 3.4% increase. Persistent inflation can contribute to higher bond yields and interest rates, conditions that often make speculative assets less attractive.
The 10-year Treasury yield had reached 5.09% during the selloff. When government bonds offer higher returns, investors may have less incentive to hold riskier assets such as shares and cryptocurrencies. Higher rates can also increase the cost of borrowing used in leveraged trading.
The Federal Reserve’s benchmark interest-rate range is 3.75% to 4% following a September increase. CME FedWatch assigns about an eight-in-10 probability to no change at the October 28 meeting, while markets firmly expect a hike on December 9.
Bitcoin’s technical picture
Bitcoin opened Wednesday at $82,928.80 and reached $84,726.28, a 1.94% gain for the daily candle. The price was approaching resistance around $87,422.70, the September high. The market’s recent advance began at $62,763 and established support near $81,603. Bitcoin lost that level during the October decline but has since reclaimed it.
Several indicators point to a recovery, but they do not remove the risk of another pullback. Bitcoin’s 50-day exponential moving average, which gives greater weight to recent closing prices, was near $80,782. The 200-day moving average stood at about $76,084. The shorter average remains above the longer one, a widely used indication of an uptrend, and Bitcoin was trading 4.6% above the 50-day average.
The Relative Strength Index was 58.5. RSI readings above 50 indicate that buyers have the stronger position, while 70 is commonly viewed as an overbought level. The reading therefore showed positive momentum without indicating that the market had reached an overbought condition.
A stronger bullish signal would require a daily close above $84,726, Wednesday’s high, together with the ADX trend-strength indicator moving back above 25. Under that scenario, the next levels identified in the analysis were approximately $86,090 and then $87,422.70.
The alternative is a failure to hold the recovery. A daily close below $81,603 could put the 50-day average, the October low near $79,711 and the 200-day average at $76,084 back into focus. If Bitcoin remains below $84,726, the analysis places it within a range of roughly $79,700 to $87,400, consistent with an ADX reading below 20.
Prediction markets and the latest Moneyiar data
Prediction-market participants remain cautiously optimistic rather than confident. Traders on Myriad, a prediction market built by Decrypt’s parent company, Dastan, placed the probability of Bitcoin reaching $87,500 during October at 31%, down from 45% on October 12. The probability assigned to a move to $90,000 was 18%.
Moneyiar market data recorded on October 22, 2026, at approximately 23:28-23:29 Tehran time showed a weaker market picture than the Wednesday rebound reported above:
- Bitcoin: $81247.103528717, down 3.59% over 24 hours and 1.08% over seven days.
- XRP: $1.3060675439, down 4.48% over 24 hours and 1.9% over seven days.
- Zcash: $1211.3649991134, down 8.96% over 24 hours and 0.67% over seven days.
- NEAR Protocol: $4.8647658369, down 7.75% over 24 hours and 7.22% over seven days.
The difference between Wednesday’s reported rebound and the later Moneyiar readings underscores how quickly cryptocurrency prices can change. Bitcoin’s recovery has improved sentiment, but the market remains sensitive to oil prices, bond yields, inflation data and expectations for Federal Reserve policy.
